Investment firm Trend Research, affiliated with Liquid Capital, almost exited its position in Ethereum after suffering losses of $747 million, according to data tracked by Lookonchain.
Trend Research began aggressively accumulating ETH in late 2025 through leveraged borrowing on Aave. Analysts noted that the entity’s ETH holdings exceeded 650,000 units on January 20.
The market is falling, but whales and institutions are buying $ETH.
Trend Research borrowed 70 million $USDT from Aave and purchased 24,555 $ETH($75.5 million), currently holding 651,310 $ETH($1.92 billion).
OTC Whale (0xFB7) purchased for 20,000 $ETH($58.8 million) via #FalconX And #MuteWinter.… pic.twitter.com/hGuO3OSs5P
– Lookonchain (@lookonchain) January 21, 2026
However, recent market corrections have crushed the whale’s position.
ETH plunged below $1,900 on Thursday, extending its year-to-date losses to 37%. Despite rebounding above $2,000, ETH is still down 55% over the past four months.
In response to market fluctuations and increasing liquidation risks, Trend Research has reduced its exposure to ETH.
According to a report on Friday, the company returned 772,865 ETH to Binance at $2,326 after withdrawing 792,532 ETH from the exchange at an average price of $3,267 following a series of purchases. He keeps over 21,000 ETH worth around $44 million.
Trend Research has almost sold all of its $ETH!
They withdrew 792,532 $ETH($2.59 billion) from #Binance at $3,267 and deposited 772,865 $ETH($1.8 billion) #Binance at $2,326.
Only 21,301 $ETH($43.92 million) remains.
Total loss: $747 million. pic.twitter.com/KnEKjr0l1N
– Lookonchain (@lookonchain) February 7, 2026
This week’s sell-off comes after last year’s major market crash on October 10, in which around $19 billion in leveraged positions were liquidated, sending ETH falling from a high of around $4,700. Since this event, ETH and other crypto assets have struggled to return to pre-treasury levels.
