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Crypto treasury firm Trend Research has significantly decreased its Ether holdings in response to the recent market decline, transferring substantial amounts of ETH to exchanges to address outstanding debts.
Key Takeaways:
- Trend Research liquidated over 400,000 ETH and shifted large assets to exchanges to manage debt following the price drop.
- Ether’s nearly 30% weekly decrease brought leveraged positions close to liquidation points.
- The downturn is also affecting other corporate ETH treasuries, underscoring the risks associated with concentrated crypto assets.
Blockchain data indicates that the firm possessed approximately 651,170 Ether on Sunday in the form of Aave-wrapped ETH. By Friday, this amount had decreased to around 247,080 ETH, representing a decline of more than 404,000 tokens within a week.
Onchain analytics platform Arkham reported that 411,075 ETH has been moved to Binance since the beginning of the month.
Ether Declines Nearly 30% in a Week Before Partial Recovery
The transactions coincided with a significant drop in Ether’s price, which fell nearly 30% over the past week to a low of around $1,748 before bouncing back to approximately $1,967.
Trend Research established its position through a leveraged approach. The company, associated with Liquid Capital founder Jack Yi, acquired Ether and used it as collateral on the lending protocol Aave to secure stablecoins, subsequently utilizing the borrowed capital to purchase more ETH.
The declining market has put pressure on this position. According to Lookonchain, the firm is facing several potential liquidation thresholds between $1,698 and $1,562, indicating that further price drops could trigger automatic collateral sales on the lending platform.
Three major on-chain liquidation zones on $ETH.
Trend Research holds 356,150 $ETH($671M), with liquidation prices between $1,562 and $1,698.
Joseph Lubin and two unknown whales hold 293,302 $ETH($553M), with liquidation prices between $1,329 and $1,368.
7 Siblings holds… pic.twitter.com/GFwEAZSodC— Lookonchain (@lookonchain) February 6, 2026
Yi acknowledged in a post on X that his previous prediction regarding the market bottom was premature but expressed his continued optimism and commitment to managing risk while awaiting a recovery.
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Trend Research first gained attention following the $19 billion crypto liquidation event in October 2025, when it began to aggressively accumulate Ether.
At one point in December, the firm would have ranked among the largest ETH holders globally, although it does not appear on most public corporate treasury trackers due to its private ownership.
BitMine’s $7B Paper Loss Tests Corporate Ethereum Treasury Strategy
BitMine Immersion Technologies, led by Fundstrat’s Tom Lee, is also facing challenges after Ether’s sharp decline has pushed the company into significant unrealized losses.
With approximately 4.28 million ETH on its balance sheet, the firm is experiencing over $7 billion in paper losses after the token dropped to nearly $2,100.
The company had built its holdings at much higher prices, making it one of the largest single-asset corporate investments in crypto.
The firm transitioned from Bitcoin mining to an “Ethereum-first” treasury model in 2025, acquiring ETH at an estimated average price of $3,800–$3,900.
The market downturn has negatively impacted both its portfolio and stock price, drawing parallels to Michael Saylor’s Bitcoin-centric strategy, which is also encountering substantial unrealized losses.
Analysts indicate that both companies illustrate the risks associated with concentrated crypto treasury strategies linked to volatile assets.
Despite the downturn, Lee remains confident, asserting that Ethereum’s fundamentals are improving, citing record transaction activity and an increase in active addresses.
The company currently holds about 3.55% of Ethereum’s supply and aims to reach 5% while expanding its staking operations.
Nearly $6.7 billion worth of ETH is staked, and BitMine plans to introduce its Made in America Validator Network in 2026.
The post Trend Research Slashes Ether Holdings After Market Crash to Repay Loans appeared first on Cryptonews.
