From the afternoon of the 1st until now, over two days, Trend Research has cumulatively reduced its holdings by 153,500 ETH ($352 million) at an average price of $2,294, and then repaid 266 million USDT to reduce leverage. Currently, the liquidation price range for their multiple ETH borrowed positions is between $1,685 and $1,855, mainly concentrated around $1,800. ◎Current holdings: 498,000 ETH ($1.11 billion), average cost price $3,180. ◎Losses: $605 million (realized losses $136 million + unrealized losses $469 million). ◎Outstanding leveraged loans: $743 million USDT.