Liquid Capital–affiliated investment firm Trend Research has nearly exited its Ethereum position after incurring losses of $747 million, according to data tracked by Lookonchain.
Trend Research started 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 70M $USDT from Aave and bought 24,555 $ETH($75.5M), currently holding 651,310 $ETH($1.92B).
OTC whale (0xFB7) bought 20,000 $ETH($58.8M) via #FalconX and #Wintermute.… pic.twitter.com/hGuO3OSs5P
— Lookonchain (@lookonchain) January 21, 2026
However, the recent market corrections crushed the whale’s position.
$ETH plunged below $1,900 on Thursday, extending its year-to-date losses to 37%. Despite a bounce above $2,000, $ETH is still down 55% over the past four months.
In response to market swings and growing liquidation risks, Trend Research has scaled back its $ETH exposure.
According to a Friday report, the firm 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. It retains over 21,000 $ETH worth approximately $44 million.
Trend Research has almost sold all of its $ETH!
They have withdrew 792,532 $ETH($2.59B) from #Binance at $3,267, and deposited 772,865 $ETH($1.8B) back to #Binance at $2,326.
Only 21,301 $ETH($43.92M) is left.
Total loss: $747M.https://t.co/Odh9SnonLL pic.twitter.com/KnEKjr0l1N
— Lookonchain (@lookonchain) February 7, 2026
This week’s sell-off comes after the major market crash on October 10 last year, when roughly $19 billion in leveraged positions were liquidated, driving $ETH down from highs around $4,700. Since that event, $ETH and other crypto assets have struggled to reclaim pre-cash levels.
