🔥 Liquidation Heatmap on ETH Chain (Liquidation Heatmap)If we visualize all the pending liquidation positions across on-chain lending protocols (Aave, Compound, Spark, etc.), the current distribution exhibits a clear **"double cliff"** structure: 1. First Warning Zone: $2000 - $2050 (Light Orange Area) Position Size: Moderate (about $300 million pending liquidation) Probability of Reaching: Very High Analysis: This is the "stop-loss line" and dense area of retail leverage where bulls have been trying to bottom out in the past week. Once it falls below $2000, psychological defenses will collapse, triggering the first wave of panic selling, but this is just the "appetizer." 2. Core Explosion Zone (Death Line): $1780 - $1862 (Deep Red Extremely High-Risk Area) Position Size: Massive (Over $1.5 billion) — These are currently the brightest and densest liquidation bars on-chain. Core Whales: Trend Research (Yi Lihua) Data Details: Yi Lihua’s Trend Research has collateralized over 618,000 ETH (including WETH) on protocols like Aave V3. Recently, he urgently withdrew 109 million USDT from Binance to top up Aave, barely raising his health factor to 1.34, but that’s just a drop in the bucket. Precise Liquidation Zone: On-chain data shows that if ETH price drops below $1,781, his core positions will be forcibly auctioned by the protocol. Consequences: This is a **"nuclear"** liquidation point. If 600,000 ETH suddenly floods the market, DEX liquidity will instantly dry up, potentially causing ETH price to spike down to $1500 or even lower (triggering a cascade of liquidations). Scenario Analysis: The hunting logic of bears, combined with Garrett Jin (Hyperunit Whale)’s recent $250 million liquidation loss, reveals a very brutal market logic: Garrett Jin is gone: The market has already digested the first wave of decline caused by his liquidation (breaking below $2400). Targeting Yi Lihua: Bears and market makers are now very aware that $1800 is surrounded by huge "liquidity rewards." Hunting Motivation: In bear markets or during liquidity shortages, prices tend to actively seek liquidity (Price Seeks Liquidity). Trend Research’s $1800 liquidation line acts like a giant magnet, attracting downward price probes. Defensive Side: Only big players like Tom Lee, who hold long positions and can hold firm, and Yi Lihua’s own replenishment funds are defending. But Yi Lihua’s replenishment capital (100 million USDT) is still very low relative to his tens of billions in exposure. Summary and Operational Advice Current ETH Price: around $2200 Safe Margin: Only about 18% - 20% away from $1800 's "death line" Indicator to Watch: Closely monitor Aave V3’s ETH lending rate. If Yi Lihua begins to face funding rate attacks (lending costs spike), or ETH drops below $2000, $1800 ’s liquidation is almost inevitable. One Sentence Summary: Garrett Jin’s liquidation is just the prelude; if Yi Lihua’s liquidation occurs, it will be the climax of this round of deleveraging (Capitulation). If you have leveraged long positions, be sure to avoid the $1780-$1800 "meat grinder" zone.