Trend Research Sells 400K+ ETH as Liquidation Risk Mounts
Trend Research has continued to cut its Ether exposure as market volatility pushed its positions closer to key liquidation thresholds. The treasury firm held about 651,170 Ether (ETH) as Aave Ethereum wrapped Ether (AETHWETH) on Sunday; by Friday, that balance had decreased by 404,090 to roughly 247,080. Since the start of the month, Trend Research has transferred 411,075 ETH to cryptocurrency exchange Binance, according to blockchain analytics platform Arkham.
The moves coincided with a sharp decline in ETH, which fell almost 30% over the past week to a low of $1,748 on Friday, based on CoinMarketCap data. ETH was trading at $1,967 at the time of writing.
Trend Research manages risk as ETH nears liquidation thresholds
Trend Research has been linked to Jack Yi, founder of Hong Kong-based crypto venture firm Liquid Capital. The firm built its Ethereum position by purchasing ETH on an exchange, using those assets as collateral on Aave to borrow stablecoins, and then deploying the borrowed funds to acquire additional ETH.
Trend Research faces several ETH liquidation levels between $1,698 and $1,562, according to blockchain data platform Lookonchain in a Friday post on X.
Yi said in a Thursday post on X that he remains bullish, acknowledging he called a market bottom too early and will wait for a recovery while “managing risk.”
The firm drew wider attention in the aftermath of the $19 billion liquidation event in October 2025, when it began aggressively accumulating ETH. Trend Research would have ranked as the third-largest Ether holder in December; however, as an unlisted company, it does not appear on most tracking platforms.
Bitmine, the largest publicly listed corporate holder of Ether, was sitting on about $8 billion in unrealized profit as of Friday.
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