According to an on-chain analytics platform, Ethereum bull Trend Research has sold almost all of its ETH in a capitulation move that has caught the attention of the market.
Before this time, Trend Research, a Hong Kong-based trading firm led by Liquid Capital founder Jack Yi, had spent recent months building a bullish (long) bet worth $2 billion on Ethereum by borrowing stablecoins from Aave, which were reportedly collateralized by Ethereum.
The tide turned as Ethereum started falling in mid-January; the sell-off intensified at January's close with ETH's price hitting a low of $1,742 on Feb. 6, last seen in March 2025.
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Trend Research responded to the sell-off by liquidating its ETH, sending large amounts of ETH to Binance to repay its debt on AAVE.
Trend Research has almost sold all of its $ETH!
They have withdrew 792,532 $ETH($2.59B) from #Binance at $3,267, and deposited 772,865 $ETH($1.8B) back to #Binance at $2,326.
Only 21,301 $ETH($43.92M) is left.
Total loss: $747M.https://t.co/Odh9SnonLL?from=article-links pic.twitter.com/KnEKjr0l1N
According to Lookonchain, the firm has now deposited 772,865 ETH worth $1.8 billion back to Binance at $2,326. Trend Research had initially bought 792,532 ETH worth $2.59 billion from Binance at $3,267, but now has sold a large portion of this with only 21,301 ETH worth $43.92 million left. An estimated total loss of $747 million has resulted from the fallout of this trade.
Cryptocurrencies have been on shaky ground ever since the brutal sell-off in October that sapped market confidence. The selling increased this week in line with the unwinding of leveraged bets and broader market volatility.
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Investors have continued to rotate out of risk-on assets, prompting significant declines for major cryptocurrencies, especially on a weekly basis.
At the time of writing, ETH was up 5.37% in the last 24 hours to $2,012 as the broader crypto market saw a rebound, but was down 24% weekly.
What's next for Ethereum price?
Ethereum saw a sharp rebound from a low of $1,742 on Feb. 6 as the daily RSI indicator reached deeply oversold levels.
The recovery reached a high of $2,117 on Saturday, where it is currently facing some sort of resistance. If Ethereum declines sharply from this level, it might confirm this level as resistance.
ETH might retrace toward $1,742, with the potential of now breaking beneath this support level increasing. The next support for ETH in this scenario will be $1,537. On the other hand, a break above $2,111 might cause sellers to lose strength, ETH might aim for $2,569 afterward.
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