The amount of ETH that Yi Lihua transferred to the exchange far exceeds what is needed for deleveraging, raising suspicions that he may liquidate all his holdings
On-chain analyst Yu Jin posted on X, stating that the Yili Hua address appears to be not just deleveraging, but rather liquidating. Currently, the related address has transferred 630,400 ETH (1.294 billion USD) to Binance, leaving only 21,300 ETH (43.94 million USD) on-chain. 96% of the ETH has already been transferred to exchanges, a quantity far exceeding what would be needed for deleveraging, so it is highly likely that a complete liquidation is occurring.