Trend Research dramatically reduced its Ether exposure this week, offloading more than 400,000 ETH as market prices fell and liquidation risk increased. Arkham blockchain data show the firm held roughly 651,170 ETH in Aave-wrapped WETH (AETHWETH) on Sunday but cut that position by about 404,090 ETH to roughly 247,080 ETH by Friday. Since the start of the month, Trend Research also moved around 411,075 ETH to Binance.
The sell-off came during a near-30% slide in Ether over the week, which dropped to a low near $1,748 and was trading around $1,967 at the time of reporting. The position had been built using leverage: the firm bought ETH, used it as collateral on Aave to borrow stablecoins, and redeployed those funds to buy more ETH, a structure that heightened its exposure to margin calls. Lookonchain flagged multiple liquidation thresholds for the position between $1,698 and $1,562.
Trend Research is linked to Jack Yi, founder of Hong Kong-based Liquid Capital. Yi said on X that he remains bullish on Ether but acknowledged he called a market bottom too early and is “managing risk” while waiting for a recovery.
The group first attracted attention after the October 2025 $19 billion liquidation event and subsequently began aggressive Ether accumulation. Had the position remained at its December peak, Trend Research would have ranked as the third-largest Ether holder; because it is an unlisted entity, it does not appear on many public trackers.
By comparison, Bitmine — the largest publicly known corporate Ether holder — was reported to be sitting on about $8 billion in unrealized profit on Friday.
Cointelegraph notes it follows editorial standards for independent reporting and encourages readers to verify information independently.