Trend Research Fully Exits Ethereum Position

Trend Research has officially closed one of the most closely watched Ethereum positions in recent on-chain history.

According to on-chain tracker @ai_9684xtpa, addresses linked to Trend Research have now transferred the final 0.148 ETH to Binance, marking the complete liquidation of the firm’s Ethereum holdings. With that last transaction, the firm empties its entire bag, every last coin, and draws the curtain on a dramatic eight-day sell-off that reshaped market sentiment.

In total, 651,757 ETH has been sent to Binance, with an average exit price hovering around $2,055. The value moved out stands near $1.34 billion, closing out a position that once symbolized confidence and scale. While the final fraction of ETH may appear insignificant, it carries symbolic weight. Observers even joked about marking that remaining penny ETH with a blue circle on the chart, a lighthearted nod to the magnitude of what just ended.

Whether this moment brings relief or simply a quiet pause remains an open question. For now, the market watches.

Eight Days That Changed Everything

The pace of the liquidation is what makes this event historic. In just eight days, Trend Research offloaded approximately 658,168.58 ETH, worth $1.354 billion, flooding centralized exchange liquidity with one of the largest concentrated Ethereum exits in recent memory.

The numbers reveal the cost of that speed. Trend Research’s average acquisition price sits at roughly $3,104.36 per ETH, while the average sell price lands near $2,058.05. That gap translates into an estimated loss of about $688 million during this round alone.

This wasn’t a slow unwind stretched across months. It was decisive, methodical, and relentless. Batch after batch of ETH flowed into Binance as on-chain watchers tracked each movement in real time. By the final day, it became clear that this was not partial de-risking, it was a full retreat.

And now, it’s over. Boss Yi has cleared the entire position.

From Profits to Painful Reality

What makes the outcome even more striking is that this position was once deeply profitable. Prior to this liquidation cycle, Trend Research had accumulated approximately $315 million in profits from earlier Ethereum trades.

Those gains are now completely gone.

As the final ETH transfers settle, the numbers flip decisively red. The wiped-out profits, combined with the current round’s losses, result in an estimated net loss of roughly $373 million across the full Ethereum strategy. Some estimates place the total damage even higher, nearing $745–$747 million, depending on execution timing and valuation assumptions.

This shift from significant profit to historic loss underscores how quickly conditions can reverse in crypto markets, especially when leverage, size, and market structure collide.

How the Position Was Built

Trend Research originally accumulated 651,310 ETH directly on Binance, establishing one of the largest known institutional Ethereum positions. Beyond spot accumulation, the firm also generated an additional 447 ETH through Aave, using decentralized lending mechanisms to enhance returns.

This strategy amplified exposure. It also increased sensitivity to price movements.

As Ethereum prices weakened, pressure mounted. What initially appeared as controlled selling gradually evolved into an accelerated exit, likely driven by risk thresholds, capital preservation decisions, and the realities of market depth.

Once the selling began in earnest, there was no turning back.

Market Reaction Defies Expectations

One of the most surprising elements of this entire episode is Ethereum’s price behavior during the sell-off. Despite the massive volume hitting exchanges, ETH stopped falling shortly after the liquidation began on the afternoon of February 6.

Instead of cascading lower, price action stabilized.

At the time of writing, Ethereum continues to hold above the $2,000 level, suggesting that the market absorbed the selling pressure more effectively than many expected. This resilience challenges long-held assumptions that whale exits of this size must always trigger sharp declines.

The episode forces a rethink: liquidity is deeper, participation is broader, and the market may be more mature than it once was.

On-chain traders and analysts followed every move closely, sharing real-time updates and commentary as history unfolded. One of the most circulated clips documenting this moment can be seen here.

A Chapter Closes, The Market Decides Next

With the final 0.148 ETH deposited, Trend Research has fully emptied the bag. No hedges. No leftovers worth mentioning. Just a clean exit.

What happens next is no longer in their hands.

For some, this moment represents relief, the removal of a massive overhang that had loomed over Ethereum markets. For others, it signals caution, a reminder of how quickly large positions can unwind and how unforgiving timing can be.

Once again, the crypto market has written another chapter in real time, visible to anyone watching the chain. Whether this liquidation marks a bottom, a pause, or simply a footnote before the next move is a question only the market can answer.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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