Trend Research Sells Ethereum, Locks in Nearly $750M Loss

Trend Research has sold its entire Ethereum position, crystallizing losses of nearly $750 million. The firm, led by Jack Yi, moved 651,757 ETH to Binance—about $1.34 billion at an average price of $2,055—leaving just 0.0344 ETH (roughly $72) on its books. On-chain tracking from Lookonchain and Arkham Intelligence shows the exit was effectively complete, with about $10,000 in USDC and small token leftovers; Lookonchain put the total loss at ~$747 million.

The sale capped a leveraged strategy built on the Aave lending protocol: Trend Research bought ETH on centralized exchanges, posted it as collateral, borrowed stablecoins and repeatedly reinvested those funds into more ETH, creating a recursive leveraged position that amplified exposure and liquidation risk.

As Ethereum’s price fell and the position neared liquidation, the firm unwound it to avoid a forced liquidation. Ethereum has weakened sharply, down more than 30% over the past month and dipping below $2,000 on Feb.

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