Key Takeaways:
- Trend Research added 11,520 ETH worth nearly $35 million, lifting total holdings to 601,074 ETH ($1.83 billion).
- The firm has borrowed $958 million in stablecoins from Aave, continuing an aggressive leveraged accumulation strategy.
- Founder Jack Yi says Trend is positioning for a major 2026 bull market, dismissing short-term volatility as noise.
A major Ethereum whale has doubled down again. On-chain data shows Trend Research continuing its aggressive ETH accumulation, even as derivatives markets flash elevated risk and short-term sentiment remains divided.
Read More: Ethereum Whale Moves 40,000 ETH After 10 Years, Unlocking $120M+ From ICO Wallet
Trend Research Buys Another $35M in ETH Using Borrowed Capital
Blockchain analytics platform Lookonchain reported that a whale wallet linked to Trend Research purchased 11,520 ETH, spending approximately $34.93 million. The acquisition pushed the firm’s total Ethereum position to 601,074 ETH, valued at around $1.83 billion at current prices.
The records on-chain show that the company has been borrowing USDT on Aave constantly, and the overall stablecoin loans have currently hit an all-time high of $958 million. According to Binance withdrawal, the average ETH entry price of Trend Research is around $3,265, which covers a large part of the position in proximity to the magic market.
This trend emphasizes a planned approach: Trend is not timing bottoms but size it by leveraging even when price fluctuations are unstable.
Read More: BlackRock Transfers $114M in Bitcoin and Ethereum to Coinbase in Major Institutional Move
Leverage, Not Timing, Drives the Accumulation Strategy
Trend Research is leveraging DeFi to scale exposure unlike companies like Dollar-cost averaging or when treasury inflows are used. Borrowing of stablecoins over collateral that has been already obtained enables the firm to increase its ETH position without collateral sales or hoping for price declines.
This strategy enhances the potential of upside and the liquidation risk. Nevertheless, there is no historical record of forced deleveraging yet on chain implying that Trend is insulated against steep declines.
Founder Jack Yi Signals Conviction in 2026 Macro Tailwinds
Why Trend Research Is Ignoring Short-Term ETH Swings
Trend Research founder, Jack Yi, restated in a public posting that the company will keep on adding ETH regardless of fluctuating prices of several hundred dollars. He characterized Trend as one of the largest ETH bulls in the industry, and that one cannot build large positions at optimal lows.
Trend Research plans to maintain its largest allocation in ETH, while also holding positions in BTC, BCH, BNB, and a heavier exposure to WLFI, a token linked to the World Liberty Financial ecosystem.
Trend Research Emerges as One of the Largest ETH Holders
Trend Research is now one of the largest known Ethereum holders in the world with over 600,000 ETH, although the company is a privately held, unlisted company. This position makes it not yet included in numerous tracking dashboards such as those of the publics, despite its on-chain footprint competing with those of the publicly-traded crypto treasuries.
With an active borrowing and buying cycle as opposed to the passive treasuries, Trend is an interesting player in the liquidity of Ethereum. The supply in the spot market because of the large withdrawals of ETH in exchanges is less than usual and may pose a challenge when the demand is high.
Simultaneously, the leveraged accumulation presents systemic risk in case of a sharp change in the market. Large borrowers forced to unwind have in the past historically led to cascading liquidations across DeFi protocols.
