Trend Research Sells 400K+ ETH After ~30% Drop; BitMine Posts $7B Unrealized Loss
Trend Research sharply reduced its Ether (ETH) holdings this week, moving over 400,000 ETH off Aave and toward exchanges after ETH fell roughly 30% within seven days. The firm’s balance on Aave fell from about 651,000 ETH to roughly 247,000 ETH as leveraged positions—built by posting ETH as collateral, borrowing stablecoins and buying more ETH—faced liquidation bands between $1,562 and $1,698. Arkham on-chain tracking showed ~411,000 ETH routed to Binance during the month. Founder-linked Liquid Capital’s Jack Yi acknowledged the firm called a market bottom prematurely but said Trend Research will manage risk while awaiting recovery. Separately, BitMine Immersion Technologies (managed by Tom Lee) has an Ethereum-focused treasury of roughly 4.28M ETH and reported more than $7 billion in unrealized losses after buying ETH near $3,800–$3,900. BitMine has shifted from BTC mining to expanding ETH staking and plans a validator network by 2026, targeting up to 5% of ETH supply. Key takeaways for traders: increased on-chain selling pressure and exchange inflows may add short-term downward pressure and volatility to ETH; leveraged institutional treasuries present heightened liquidation risk around the noted price bands; monitor large wallet flows and Aave positions for further sell signals or stabilization.
Bearish
The combined reports point to immediate downside pressure for ETH. Trend Research’s rapid liquidation of ~400k ETH and the on-chain routing of roughly 411k ETH to exchanges increase available sell-side liquidity, which can depress prices in the short term. The use of leverage and identified liquidation bands ($1,562–$1,698) mean further price moves into those ranges could trigger additional forced selling from similar institutional or protocol-backed leveraged positions. BitMine’s large unrealized losses and intent to accumulate a sizable ETH stake add a contrasting long-term demand narrative, but current unrealized loss levels indicate material mark-to-market risk that could constrain aggressive accumulation until volatility subsides. For traders, expect elevated volatility and potential downward pressure in the near term; watch large wallet flows, Aave collateral ratios, and exchange inflows for signals of continued selling or stabilization. Over the medium-to-long term, accumulation by large treasuries and staking expansion is a bullish structural factor, but only after price stabilizes and deleveraging completes.