Trend Research, a Chinese investment firm once known as the largest holder of Ethereum long positions in Asia, has officially closed all its ETH positions, crystallizing a massive loss of $869 million. According to on-chain data from analytics firm Arkham, the company closed its final position on Sunday, February 11, 2026.
At its peak, Trend Research held a staggering $2.1 billion in Ethereum long positions. However, the firm began liquidating its holdings amid market declines starting in October. The founder, Jack Yi, admitted in a statement last week that the firm was wrong about Ethereum, calling its premature optimism a mistake and stating he felt significant pressure from the asset's decline.
This event marks one of the most significant capitulations in recent crypto trading history, highlighting the extreme risks associated with leveraged positions. Analysts point to poor timing, the use of high leverage, and broader market uncertainty as contributing factors to the monumental loss.
