Trend Research Completes $1.34B ETH Unwind After $745M Loss
Trend Research, an Edmonton-based data firm, has completed a prolonged unwind of 651,757 ETH (~$1.34 billion) by depositing the holdings to Binance to repay leveraged positions. On-chain trackers and commentator MartyParty report the average exit price was about $2,055, with realized losses estimated at roughly $745–747 million. The firm had built a large ETH long by borrowing stablecoins on Aave against ETH collateral and increasing exposure to over $2 billion at peak. Forced selling began when ETH dropped from roughly $2,055 to $1,750 in early February 2026; Trend Research moved ETH in batches (10k–90k ETH) until wallets were effectively emptied. Market observers note the unwind removes a major known source of near-term sell pressure, but broader direction depends on macro factors, ETF flows and other whale activity. On-chain data shows whales have been accumulating while retail addresses pare back holdings, indicating a supply shift from weaker to stronger hands. Key figures: 651,757 ETH sold, ~$1.34B value, average exit ~$2,055, realized loss ≈ $745–747M. Primary keyword: Trend Research Ethereum unwind. Secondary keywords: ETH sell-off, whale accumulation, leveraged long, Binance deposit, Aave borrowing.
Bearish
The completed unwind of 651,757 ETH (~$1.34B) by Trend Research is a bearish event for near-term market pressure because it represents a large, forced exit from a concentrated leveraged position. Such public, sizable sells tend to increase available supply and can perpetuate volatility as markets absorb the liquidity. The average exit price (~$2,055) and realized loss (~$745–747M) signal that the position was closed under distressed conditions, which historically depresses short-term sentiment (similar to past large leveraged liquidations that extended downtrends). However, the event also removes a known overhang — once this specific source of selling is exhausted, price may stabilize or see corrective bounces if demand (ETF flows, macro tailwinds, or whale accumulation) resumes. On-chain signs of whale accumulation and reduced retail holdings suggest potential for medium-term consolidation or recovery if institutional flows and macro indicators improve. Trading implications: expect increased volatility and downward pressure while markets fully absorb the sell-off; short-term traders can look for liquidation cascades, support at prior whale-cost levels, and any relief bounces after funding pressure eases. Longer-term impact depends on net flows, macro conditions, and whether other leveraged players remain exposed — if similar concentrated levered positions exist, risk remains; if not, removal of this overhang is neutral-to-bullish over time.