On February 8, Trend Research, led by founder Yi Lihua, sold its entire 658,168.58 ETH portfolio worth $1.354 billion over eight days. The sale averaged $2,058.05 per ETH, far below the purchase cost of $3,104.36, leading to a $688 million realized loss. This erased $315 million in prior gains, producing a net loss of $373 million. Yi stated that market cycles remain intact and characterized the ongoing bear market as an optimal period for positioning ahead of the next anticipated bullish phase.