Trend Research repurchased 6,656 Ethereum, with a holding value of nearly $2 billion

On January 21, 2026, the crypto market monitoring tool Onchain Lens captured a notable transaction: an institution associated with the well-known investor Yilihua, Trend Research, borrowed another $20 million USDT from the Aave lending protocol and quickly purchased 6,656 ETH on Binance.

After this operation, the institution’s total ETH holdings reached 651,310, with a total value of approximately $1.91 billion at current market prices. This is not the institution’s first large-scale operation. In fact, since late December 2025, Trend Research has been executing an intensive and resolute building-up plan.

01 Institutional Movements

According to blockchain analyst Ai Yi (@ai_9684xtpa), Trend Research’s on-chain activities exhibit typical high-conviction institutional accumulation characteristics.

Just one day before this recent increase, on January 20, the address borrowed 10 million USDT from Aave and transferred it to Binance, widely interpreted by the market as a signal to continue increasing ETH holdings.

Earlier, especially on December 29, 2025, Trend Research carried out multiple large purchases, acquiring over 46,000 ETH in a single day.

This behavior of sustained, large-scale buying within a relatively concentrated timeframe generally indicates that the institution highly values ETH at its current position and may be executing a pre-planned, phased position deployment strategy.

02 Operational Strategy

Trend Research’s accumulation strategy has several notable technical features, with the most core being the skillful use of leverage.

Its basic operation pattern is: borrow stablecoins (USDT) from lending platforms like Aave, transfer them to centralized exchanges to buy ETH, then deposit the newly purchased ETH back into lending platforms as collateral to borrow more funds, creating a cycle.

This approach greatly improves capital efficiency and accelerates profit accumulation during market uptrends. As of January 20, the data shows that its holdings have realized an unrealized profit of over $53 million.

However, high leverage is a double-edged sword. Previously, due to market volatility, the address’s position experienced an unrealized loss exceeding $100 million, fully exposing the significant risks of leveraged trading during market downturns.

03 Cost and Risks

According to blockchain data analysis, through continuous market purchases, Trend Research has effectively diluted its average cost basis to around $3,105.5.

Its initial cost basis was higher, approximately $3,208, but through sustained buying at lower prices, it successfully lowered the overall cost line. This “buying the dip” strategy requires extremely strong capital support and firm market confidence.

Currently, Trend Research’s total ETH holdings are valued close to $2 billion. Although in a profit state, its large-scale, high-leverage position always exposes it to high risks.

If ETH prices experience a sharp correction, the value of its collateral will decline, facing forced liquidation pressures from the lending protocols, which could trigger a chain reaction.

04 Ethereum Market

Trend Research’s decision to continue increasing its holdings at this time is closely tied to its judgment of the ETH market. As of January 21, according to data from Gate Exchange, ETH prices experienced significant volatility over the past 24 hours.

The current price is about $2,949.98, having pulled back from recent highs. Some market forecasts even suggest that by January 21, 2026, the price could dip to the range of $2,310 to $2,350.

Market volatility provides institutions like Trend Research with opportunities to accumulate at relatively low levels. The core of its operational logic may lie in leveraging and cost averaging to capture ETH’s long-term upside potential, but this is undoubtedly a severe test of its capital management ability and market judgment.

Future Outlook

As of January 21, Trend Research’s 651,310 ETH quietly remains on the blockchain address. Based on the current ETH price of $2,950 on the Gate platform, the total value exceeds $1.9 billion.

The institution’s average buy-in cost of $3,105.5 acts as an invisible warning line. When the market rises, this line is the foundation of profit; when the market falls, it signals risk.

On the price chart of ETH on the Gate exchange, the candlestick patterns pulse like an electrocardiogram. Every significant fluctuation could mean that another institution similar to Trend Research is making decisions—borrowing, buying, collateralizing, and re-borrowing.