TLDR:
- Li Lin confirmed no BTC or ETH sales from Avenir Group during market crash period
- Trend Research sold 658,168 ETH worth $1.35B at $2,058 average versus $3,104 cost
- Total losses reached $688M, erasing prior $315M gains for $373M net deficit
- Ethereum held above $2,000 after eight-day liquidation concluded on exchanges
The founder of Huobi and Avenir Group has publicly rejected claims linking him to a major Ethereum liquidation event.
Li Lin stated he maintained his Bitcoin and ETH positions during the recent downturn. His denial comes as speculation swirled about a Hong Kong fund triggering the market crash.
Major Institutional Player Distances from Liquidation Event
Li Lin oversees Avenir Group, Asia’s largest institutional Bitcoin ETF holder.
The executive denied any investment ties to Trend Research or an entity called Garrett. His statement aimed to counter narratives suggesting his firm played a role in the selloff.
Market participants had pointed fingers at Asian institutions during the price drop. Bitcoin fell below key support levels as Ethereum struggled to hold above $2,000. The rumors intensified as liquidations mounted across centralized and decentralized platforms.
Wu Blockchain reported Li Lin’s position remained unchanged throughout the volatility.
Avenir Group’s Bitcoin ETF holdings stayed intact despite market pressure. The clarification sought to separate his operations from the unfolding liquidation crisis.
On-Chain Analysis Reveals Catastrophic Trading Loss
Data from ai_9684xtpa showed Trend Research liquidated its entire Ethereum position. The entity moved 658,168 ETH to exchanges over an eight-day period. The total value reached $1.354 billion at execution prices.
Trend Research bought Ethereum at an average cost of $3,104 per token. The selling occurred at roughly $2,058 per coin. This price difference generated losses exceeding $688 million on the trades.
The entity had previously secured profits of around $315 million from earlier positions. Those gains evaporated completely in the recent drawdown. Net losses now stand at approximately $373 million according to blockchain records.
The final transfer involved just 0.148 ETH moved to Binance. This small amount marked the complete exit from what was once a substantial holding. The selloff began on February 6 and concluded within days.
Ethereum prices stopped declining shortly after the massive selling commenced. The token stabilized above the $2,000 threshold despite continued pressure. Market observers noted the timing between the liquidation and price floor formation.
The event highlighted risks associated with leveraged DeFi strategies. Trend Research had reportedly deployed a looped position strategy worth over $2 billion. Market-wide liquidations surpassed $1 billion during the same window.
The post Huobi’s Li Lin Denies Trend Research Links as $373M ETH Loss Shakes Market appeared first on Blockonomi.
Source: https://blockonomi.com/huobis-li-lin-denies-trend-research-links-as-373m-eth-loss-shakes-market/
