Ethereum is undergoing a declining trend and its price has gone down by 27.4 percent in the past three months and the current price stands at $3,037.33. Even as the slide has persisted, Trend Research, one of the largest crypto holders, has not revealed indications of receding its aggressive accumulation practice. On-chain analytics released by Lookonchain indicated that the company has repeatedly borrowed stablecoins to buy ETH, which shows the company still believes in the long-term recovery.
The recent on-chain transactions indicate that Trend Research has now been in control of 601,074 ETH, worth around 1.83 billion USD according to the recent prices. This amassing has been financed by the firm with heavy borrowing whereby it has borrowed a total of $958 million in stablecoins, mostly USDT, on Aave, which is most active lending platforms in the ecosystem.
Consistent Borrowing and Binance Withdrawals Mark Accumulation Pattern
New transfers are characterized by a loop: Trend Research loans out the USDT, transfers it to Binance and draws out ETH to its wallet. In recent weeks, there has been a series of massive inflows, typically 20 million USDT and frequently in blocks, then a large Ethereum withdrawal, and this has been a systematic act of accumulating its position.
According to the data on the transaction feed of Arkham, dozens of such transactions have been recorded, such as frequent 20M USDT swaps and then 9,000-46,000 ETH inflows per transaction. These purchases were in a range of prices which have been observably falling since October but accumulation has been persistent.
According to the on-chain pricing, the average price of the purchases by Trend Research is close to the price of $3,265, which is a bit more than what is being sold in the market. Since ETH is currently trading below that mark, the company is incurring an unrealized loss, however, action shows no strategy reversal.
Ethereum Volatility Fails to Slow Strategic Buying
The Ethereum chart during the past quarter indicates a sharp fall of the price above the mark of 4,500, to the current 3,000 mark, and this has straddled the leveraged holders. However to Trend Research the recession has been a chance to enter and not a red flag. The consistent borrowing pattern of the wallet, even when prices fell, suggests that the outlook of the wallet is high conviction and there is a probability that the wallet will recover in 2026.
Market observers have wondered whether this accumulation, which is being done through borrowings, will bring about risk in the event that prices decline further, yet the approach would imply the availability of deep liquidity and high volatility tolerance. Liquidation pressures have so far not emerged publicly, and this indicates that collateral reserves are still high.
Whale Moves Fuel Market Curiosity
Although Ethereum has fallen out of favor lately as the broader crypto market declined, the consistent approach to Ethereum adopted by Trend Research has captured the interest of traders monitoring the actions of whales. In case Ethereum starts to rebound, the company will be in good place to make huge profits. On the other hand, further recession could challenge the viability of accumulation based on loans.
