It seems that Boss Yi's move is not just about removing leverage; it should be a complete liquidation:

As of now, they have transferred 630,400 ETH ($1.294 billion) to Binance, and only 21,300 ETH ($43.94 million) remains on-chain.

96% of the ETH has already been transferred to exchanges, far exceeding the amount needed to sell for leverage removal, so it's highly likely that a complete liquidation is underway.