Tencent Finance: Yi Lihua appeared in Causeway Bay on the 6th without any unusual activity, and on the same day, a certain fund entered the market to buy the dip.

On February 9th, Tencent Finance’s “Periscope” published an article titled “Cryptocurrency Major Collapse: Crypto Veteran Yi Lihua Loses $700 Million in One Week,” suggesting that Yi Lihua may have become the most well-known Chinese veteran in the crypto market targeted during this round of sharp decline. He may have once considered continuing to gamble. In the first four days of February, he sold only about 190,000 Ethereum and temporarily paused selling on February 5th, still holding 460,000 Ethereum at that time. On February 4th, Yi Lihua posted that “I am optimistic about this bull market; now is the best time to buy spot.” Just three days later, Yi Lihua no longer maintained his stance and began accelerating the sale of Ethereum held in his fund Trend Research. On February 6th, Yi Lihua may have decided to give up resistance, selling the remaining 440,000 Ethereum in one go, including nearly 60,000 Ethereum sold between 9 PM and 12 AM that night. It is reported that Yi Lihua appeared near Causeway Bay in Hong Kong on the afternoon of the 6th and stayed until around 10 PM before leaving. He did not show any unusual behavior on-site. Meanwhile, his team was executing a rapid liquidation. Additionally, sources revealed that a Hong Kong-based fund had started accumulating positions on February 6th, though the specific scale remains unknown. Most users no longer deny that a new winter in the crypto market has arrived, but more optimistic community views suggest that this winter may end faster than in previous cycles.