Scimitar Capital co-founder zlex believes: The vicious cycle of market downturn caused by two major whales closing positions is about to end. Over the past week, two ETH whales closed most of their long positions, causing ETH to drop by over 20%. The two main whales are the 1011 insider whale and Yi Lihua's Trend Research. Among them, the 1011 whale got liquidated for 200,000 ETH, and Trend Research sold $300 million worth of spot ETH to reduce leverage. He thinks that once the market rebounds, Yi Lihua might break even, and the vicious cycle of the market downturn will come to an end.