Ethereum investment vehicle Trend Research sharply cut its Ether exposure this week, selling assets to repay loans as market prices plunged.
The firm held about 651,170 ETH in Aave-wrapped WETH (AETHWETH) on Sunday but reduced that by roughly 404,090 ETH to about 247,080 ETH by Friday, according to Arkham blockchain data. Since the start of the month Trend Research moved about 411,075 ETH to Binance.
The sell-off coincided with a near 30% drop in Ether over the week, which hit a low near $1,748 and was trading around $1,967 at the time of reporting.
Trend Research is linked to Jack Yi, founder of Hong Kong-based Liquid Capital. Yi reportedly built the position by buying ETH, using it as collateral on Aave to borrow stablecoins, and redeploying those funds to buy more ETH. That leveraged structure exposed the firm to liquidation risk: Lookonchain flagged multiple ETH liquidation thresholds between $1,698 and $1,562.
Yi said on X that he remains bullish but acknowledged he called a market bottom too early and is “managing risk” while waiting for recovery.
Trend Research first drew attention after the October 2025 $19 billion liquidation event, when it began aggressive Ether accumulation. Had it remained at its December peak, the firm would have ranked as the third-largest Ether holder, though as an unlisted entity it doesn’t appear on many public trackers.
By contrast, Bitmine — the largest public corporate Ether holder — was reported sitting on about $8 billion in unrealized profit on Friday.
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