Trend Research, backed by LD Capital founder Jack Yi, has been revealed as the whale behind a massive Ethereum accumulation strategy.
They recently withdrew 11,520 ETH from Binance, valued at around $34.93 million USD.
This significant ETH deposit was made into the Aave lending protocol as collateral.
Using this collateral, they then borrowed 20 million USDT.
This borrowed USDT was immediately reinvested into Binance to acquire more ETH.
📊 Trend Research's ETH Holdings:
As of December 24th, their total holdings surpassed 580,000 ETH. This is a substantial amount, exceeding many public investment funds.
Leveraged Strategy:
Since November 2025, they have bought over 569,000 ETH, approximately $1.7 billion. A significant portion, $881.5 million, was borrowed from Aave.
Despite incurring unrealized losses exceeding $140 million due to market volatility, Trend Research maintains its aggressive buying strategy. They are reportedly prepared to deploy an additional $1 billion for further ETH acquisitions.
This demonstrates a strong conviction in Ethereum's long-term potential.