On Hyperliquid, the "Largest ZEC Short" has been persistently shorting ZEC since it was at $180, with unrealized losses now exceeding $21 million.

On February 8th, on-chain analyst Ai Auntie (@ai_9684xtpa) reported that Trend Research—a subsidiary of Yihua—transferred its final 0.148 ETH to an exchange, concluding an 8-day sell-off. Over the period, the firm sold 658,168.58 ETH total, valued at $1.354 billion. With an average entry cost of ~$3,104.36 per ETH and an average selling price of $2,058.05, the round incurred a $688 million loss. Notably, Trend Research has surrendered all $315 million in profits from its prior cycle, resulting in a cumulative net loss of $373 million.

**February 8th** Du Jun, co-founder of ABCDE, retweeted a screenshot from Li Lin’s WeChat Moments to clarify recent claims. Li Lin stated in the post: “I am not the investor behind Yi Lihua’s Trend Research, nor am I linked to Garrett Jin—the agent of ‘BTC OG Whale Insider.’ I have never reduced my BTC or ETH holdings in this market cycle.” Du Jun added further context: - Li Lin’s family office, Avenir Group, remains BlackRock’s IBIT’s largest Asian holder. - U.S. SEC 13F reports are updated quarterly. - ~80% of the ETH held by the family office is pledged and held long-term. - To his knowledge, 95% of the funds are managed by the family office’s in-house team—no external institutions or individuals are entrusted with management.

On February 8, Scam Sniffer released its January 2026 Security Report, highlighting key crypto-related security incidents from the month. A January victim lost $12.25 million after copying an incorrect address from a transaction record—mirroring a $50 million loss suffered by another user in December 2025 for the same mistake. Additionally, signature phishing attacks spiked in January: 4,741 people fell victim, losing a combined $6.27 million—up 207% from December 2025.

On February 8, per Arkham data, at 10:49 UTC+8, Trend Research—an arm of EasyHua—transferred roughly 534 ETH to Binance, valued at approximately $1.11 million, completing a full liquidation. The on-chain address now holds just 0.165 ETH.

On February 8, BitMEX co-founder Arthur Hayes said Bitcoin derivatives do not cause price volatility—they only amplify price movements in both directions. The recent crypto market crash is not the result of a secret conspiracy. Fortunately, we were able to quickly liquidate overleveraged investors and return to a market where prices only rise.

On February 8, LookOnChain monitoring data shows that Trend Research—a subsidiary of Yihua—sold an additional 20,770 ETH in the past 20 minutes, valued at $43.57 million. This leaves only 10,303 ETH remaining, worth approximately $21.5 million. A report from yesterday noted that Trend Research has largely completed its ETH sell-off, with the final net loss on its ETH positions totaling roughly $734 million. Position breakdown: - Long 231,000 ETH at an average price of $2,667, liquidated at an average of $4,027 → Profit of $315 million - Long 651,500 ETH at an average price of $3,180, liquidated at an average of $2,053 → Loss of $734 million