易理华（Trend Research / LD Capital）'s ETH leverage position is currently one of the market's focal points, with its liquidation price (settlement price) based on the latest on-chain data and community analysis (as of January 31 to February 1, 2026), the mainstream consensus is as follows:
Current most reliable extreme liquidation price: approximately $1,558
（1558 dolarů）。
- Source: ChainCatcher, BlockBeats, and several other media reports, Trend Research has mortgaged approximately 175,800 WETH (valued at approximately 445 milionů dolarů) on Aave V3, borrowing about 274 milionů USDT, with a position health of 1.34.
- If ETH drops to $1558, it may trigger liquidation (margin can still be supplemented during market decline).
- Yesterday, 1.09 milionů USDT was withdrawn from Binance and deposited into Aave to actively reduce leverage, showing active maintenance of the position.
Theoretical/early calculated liquidation price (partly based on older data with a larger collateral scale):
- Common calculation: $1,860–$1,904 (1860-1904 dolarů).
- Logic: Mortgaged approximately 651,400 ETH, total borrowed approximately 1.0295 miliardy stablecoins, Aave liquidation threshold 0.83 (LTV ≈ 83%).
- Formula: liquidation price ≈ total borrowed amount ÷ mortgaged ETH quantity ÷ 0.83 ≈ 1904 dolarů.
- If additional funding is raised to reduce leverage (borrowing reduced to 980 milionů), it can be lowered to around 1813 dolarů.
- Some community opinions mention $1,866 (1866 dolarů) as the "cut-off line", triggering self-deleveraging (leverage reduced from 1.1 miliardy → 1 miliarda), the death spiral alarm sounded, but the actual liquidation line is lower.
Why are there discrepancies in the data?
- 易理华's position is dynamic: part of it is actively deleveraging (withdrawing funds to repay debts), and the scale of collateral/loans is being adjusted. Early reports calculated theoretical values using 650,000+ ETH in full position, but after subsequent splitting/optimization, the extreme liquidation price has moved down to $1558.
- However, once close to 1800-1900, the risk of forced liquidation + chain reaction is extremely high, potentially accelerating the drop to 1500-1700 or even lower.
- If ETH cannot hold 2500-2600, it is likely to test 1900-2000; however, the probability of directly crashing to 1558 is low, unless an extreme black swan occurs (it is likely to continue to remedy or partially cut losses).
- There are community opinions that if it breaks below 2500, he may be forced to sell off significantly, causing a second crash, but some believe that 1500-1800 is a reasonable target for the first half of the bear market.
