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A leveraged Ethereum position built by Jack Yi’s Trend Research continues to unwind under pressure.
The position, assembled through Aave’s lending protocol and reported to have reached roughly $958 million in borrowed stablecoins at its peak, has been shrinking through repeated defensive sales as Ethereum’s price declines.
On Feb. 4, Trend 
doesn’t come from a single sell order. It comes through three channels that can reinforce each other.
The first is direct liquidation disposal and hedging. Liquidators…
