According to @ai_9684xtpa, wallet 0x94d3735543ecb3d339064151118644501c933814 opened an ETH short on Hyperliquid and now holds 36,281.29 ETH short (~$106M) at a $2,920.21 entry with an unrealized loss of ~$0.521M, ranking as a Top 2 ETH short on the venue. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005824307763761375 and Hyperbot dashboard https://hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814. According to @ai_9684xtpa, the same address also holds $48.18M in BTC shorts and $13.43M in SOL shorts, with take-profit bands set at BTC $86,250–$86,800, ETH $2,700–$2,900, and SOL $121–$131.76. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005824307763761375 and Hyperbot dashboard https://hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814. According to @ai_9684xtpa, the trader’s reported cumulative profit over the past week totals $6.22M. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005824307763761375. According to @ai_9684xtpa, they also report a single-day increase of 46,036.72 ETH in tracked accumulation activity. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005824307763761375. According to @ai_9684xtpa and on-chain data, Arkham Intel shows the entity labeled Trend Research withdrew 13,462 ETH (~$39.31M) from Binance, updating on-chain holdings to 626,071 ETH (> $1.83B) with an average cost of about $3,105.5 and an unrealized loss near $110M. Source: Arkham Intel address 0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43 https://intel.arkm.com/explorer/address/0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43 and X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005824307763761375. According to @ai_9684xtpa, these take-profit levels explicitly define the trader’s targeted exit zones for BTC, ETH, and SOL perps. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005824307763761375.

According to the source, Arkham Intelligence data shows investment firm Trend Research increased its Ethereum holdings to more than 626,000 ETH after a series of buys on Monday, valuing the position at over $1.8 billion at observed prices, per Arkham data. Arkham’s on-chain labels attribute the series of Monday transactions to Trend Research’s wallet, giving traders a verifiable view of large ETH accumulation on-chain, according to Arkham data.

According to @CoinMarketCap, Arkham Intelligence data shows investment firm Trend Research increased its Ethereum position to more than 626,000 ETH following a series of buys on Monday, with the holdings valued at over 1.8 billion dollars based on Arkham’s wallet tracking, source: Arkham Intelligence. Arkham’s on-chain labels attribute the accumulation to Trend Research and timestamp the purchases to Monday across multiple inbound transactions to the entity’s wallets, source: Arkham Intelligence.

According to @OnchainLens, Trend Research purchased 18,439 ETH (~$53.99M) from Binance, based on Arkham Intelligence on-chain tracking (source: @OnchainLens; Arkham Intelligence). According to Arkham Intelligence data referenced by @OnchainLens, Trend Research now holds 626,301 ETH valued around $1.83B (source: @OnchainLens; Arkham Intelligence). According to @OnchainLens citing Arkham Intelligence, this confirms continued large-scale ETH accumulation by the labeled whale entity (source: @OnchainLens; Arkham Intelligence).

According to @ai_9684xtpa, Trend Research withdrew 13,462 ETH from Binance, lifting on-chain holdings to 626,071 ETH with a reported portfolio value above USD 1.83 billion, an average cost around USD 3,105.5, and an unrealized loss near USD 110 million. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005656719159140551. The same source noted an earlier 5,011 ETH withdrawal from Binance that brought holdings to 612,609 ETH with a total value around USD 1.79 billion, an average cost of USD 3,109.58, and an unrealized loss near USD 107 million. Source: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005627568305873154. @ai_9684xtpa states the single-day net accumulation totals 46,036.72 ETH and provides the tracked wallet 0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43 for verification via ARKM Intel Explorer. Sources: X post by @ai_9684xtpa https://x.com/ai_9684xtpa/status/2005656719159140551 and ARKM Intel Explorer https://intel.arkm.com/explorer/address/0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43.

According to @ai_9684xtpa, Trend Research withdrew another 5,011 ETH (~$14.68M) from Binance, taking its on-chain holdings to 612,609 ETH valued at ~$1.79B with an average cost of ~$3,109.58 and an unrealized loss of ~$107M, source: X post by @ai_9684xtpa on Dec 29, 2025. The same source reports the wallet previously accumulated 27,598 ETH (~$83.05M) over the past 7 hours, including a 6,748 ETH tranche (~$19.77M) that was deposited into Aave as collateral, source: X post by @ai_9684xtpa and Arkham wallet intel for address 0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43 at intel.arkm.com/explorer/address/0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43. Traders can monitor borrow events and transfers from the 0x8FDC… address to gauge any leverage changes tied to this position, source: X post by @ai_9684xtpa and Arkham wallet page for 0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43.

According to @OnchainLens citing Arkham’s entity tracker (intel.arkm.com), Trend Research purchased 16,078 ETH ($48.12M) from Binance, lifting its tracked holdings to 607,828 ETH valued at $1.78B. Based on figures reported by @OnchainLens, the implied average purchase price for this tranche is approximately $2,991 per ETH, calculated from $48.12M divided by 16,078. The balance change and entity labeling are visible on Arkham’s Trend Research page and in @OnchainLens’ report, providing concrete on-chain data for traders to monitor large-holder flows and ETH liquidity.

According to @EmberCN, Trend Research withdrew 6,748 ETH worth about $19.77 million from Binance, an exchange outflow event. According to @EmberCN, Trend Research's ETH holdings now total 607,824 ETH. According to @EmberCN, the reported average acquisition price for these holdings is $3,199.

According to @ai_9684xtpa, Trend Research withdrew 6,748 ETH (about USD 19.77 million) from Binance roughly five minutes before the post and deposited the ETH to Aave as collateral, source: @ai_9684xtpa on X, Dec 29, 2025. According to @ai_9684xtpa, the firm accumulated 27,598 ETH (about USD 83.05 million) over the last seven hours, source: @ai_9684xtpa on X, Dec 29, 2025. According to @ai_9684xtpa, tracked on-chain holdings rose to 607,598 ETH valued around USD 1.77 billion with an average cost near USD 3,111.07 and an unrealized loss of USD 117 million, source: @ai_9684xtpa citing Arkham intel address intel.arkm.com/explorer/address/0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43. According to @ai_9684xtpa, a separate update shows a 20,850 ETH (about USD 63.28 million) Binance withdrawal in the past hour, followed by staking and a USDT loan of USD 40 million via address 0x8FDC74baD4AA20904a362D4b69434A0Cf4d97f43, source: @ai_9684xtpa on X; DeBank profile debank.com/profile/0x8fdc74bad4aa20904a362d4b69434a0cf4d97f43. According to @ai_9684xtpa, the entity’s five addresses cumulatively hold about 600,850 ETH valued near USD 1.82 billion, with a previously reported 580,000 ETH cost basis around USD 3,150 from @Jackyi_ld implying a new blended cost near USD 3,146 after the latest purchases, source: @ai_9684xtpa on X referencing @Jackyi_ld. According to @ai_9684xtpa, the posts were labeled as sponsored by Gate, source: @ai_9684xtpa on X.

According to @EmberCN, Trend Research, affiliated with Jackyi_ld, added 20,850 ETH (~62.8M USD) this afternoon. source: https://x.com/EmberCN/status/2005541721715925478 The firm borrowed an additional 40M USDT on Aave and transferred it to Binance, indicating leveraged ETH accumulation is continuing. source: https://x.com/EmberCN/status/2005541721715925478 Their levered position now totals 601,076 ETH (~1.82B USD) with an estimated average entry of 3,202 USD and an unrealized loss of about 110M USD. source: https://x.com/EmberCN/status/2005541721715925478 Outstanding borrowing on Aave stands at 958M USDT. source: https://x.com/EmberCN/status/2005541721715925478 Address cluster for verification is provided via Arkham. source: https://intel.arkm.com/explorer/entity/16090b03-b744-484a-8a6d-b1c62b21fd95 An earlier update the same day noted 46,379 ETH bought via leverage since early November, citing a cumulative 580,000 ETH (~1.72B USD) at a 3,208 USD average and 887M USDT borrowed, roughly 2x leverage. source: https://x.com/EmberCN/status/2003647952729104865

According to @lookonchain, Trend Research has accumulated 601,074 ETH valued at $1.83B and borrowed a total of $958M in stablecoins on Aave to fund continued ETH purchases, with the average on-chain withdrawal price near $3,265 based on Binance data (source: @lookonchain, Arkham entity page). According to @lookonchain, the activity reflects ongoing USDT borrowing to buy ETH, confirming persistent on-chain spot accumulation by this entity (source: @lookonchain). Based on @lookonchain’s figures, the implied loan-to-value is approximately 52% ($958M debt vs. $1.83B in ETH), indicating a leveraged long ETH positioning that traders can track for risk and flow impacts (source: @lookonchain). According to @lookonchain, the average cost basis of ~$3,265 offers a clear breakeven reference for monitoring this whale’s positioning as further on-chain movements appear on Arkham and related trackers (source: @lookonchain).

According to @ai_9684xtpa, Trend Research withdrew 20,850 ETH (~$63.28M) from Binance within the past hour, then staked via address 0x8fdc74bad4aa20904a362d4b69434a0cf4d97f43 and borrowed 40M USDT, with the source suggesting continued accumulation; source: @ai_9684xtpa and Debank profile shared by @ai_9684xtpa (Dec 29, 2025). According to @ai_9684xtpa, the entity’s five tracked addresses now hold a combined 600,850 ETH valued at roughly $1.82B; source: @ai_9684xtpa (Dec 29, 2025). According to data provided by @Jackyi_ld and relayed by @ai_9684xtpa, the prior 580k ETH had an average cost near $3,150 and the latest adds place the blended cost around ~$3,146; source: @Jackyi_ld via @ai_9684xtpa (Dec 29, 2025). According to @ai_9684xtpa after verification with @Jackyi_ld, about 645k ETH accumulated since November has a real cost near $3,150, implying an unrealized loss of roughly $143M at current prices; source: @ai_9684xtpa citing @Jackyi_ld (Dec 29, 2025). According to @ai_9684xtpa quoting @Jackyi_ld, a further planned $1B injection targets controlling the ETH average cost around ~$3,050; source: @ai_9684xtpa citing @Jackyi_ld (Dec 29, 2025).

According to @OnchainLens, Arkham Intel identified Trend Research as the 66,000 ETH Borrowed Whale, with entity data shown on Arkham Intel at intel.arkm.com/explorer/entity/trend-research. @OnchainLens reports the wallet withdrew 11,520 ETH (~$34.93M), supplied it to Aave V3, borrowed $20M USDT, and sent the funds back to Binance to buy more ETH, citing Arkham Intel traces. @OnchainLens also documented a newly created wallet that bought 40,975 ETH (~$121.05M) from Binance, supplied it to Aave V3, and borrowed $63M USDT, with addresses referenced on Arkham Intel at intel.arkm.com/explorer/address/0xB8551abD2BB66498f6D257AE181d681Fd2401E8A and intel.arkm.com/explorer/entity/eace0656-de11-44fa-932f-5a77f07fead8. Taken together, these transactions indicate leveraged long positioning and at least $20M in immediate buy-side capacity for ETH via Aave-to-Binance flows, per the on-chain data cited by @OnchainLens and Arkham Intel.

According to @lookonchain, the #66kETHBorrow whale identified by Arkham Intelligence as Trend Research bought another 11,520 ETH worth $34.93M on Dec 29, 2025; source: Lookonchain on X https://twitter.com/lookonchain/status/2005514075221250329 and Arkham Intelligence entity page https://intel.arkm.com/explorer/entity/e3f9ef15-6571-481b-b185-7fecbd21a935. @lookonchain also reports the address bought 40,975 ETH ($121M) in the past 5 hours and had previously acquired 528,272 ETH ($1.57B); source: Lookonchain on X https://x.com/lookonchain/status/2003632344641745201. Since Nov 4, cumulative purchases reached 569,247 ETH ($1.69B), of which $881.5M used to buy ETH was borrowed from Aave; source: Lookonchain on X https://x.com/lookonchain/status/2003632344641745201.

According to @ai_9684xtpa, after direct verification with @Jackyi_ld, the ETH accumulated since November carries a real cost basis around $3,150, putting the 645,000 ETH position at an unrealized loss of roughly $143 million at current prices; source: @ai_9684xtpa on X, Dec 25, 2025. According to @ai_9684xtpa, @Jackyi_ld stated that with a further $1 billion capital injection, their expected blended ETH average cost would be around $3,050; source: @ai_9684xtpa on X, Dec 25, 2025. According to @ai_9684xtpa, Trend Research (affiliated with Yihua Yi) holds about 645,000 ETH on-chain valued at over $2.1 billion, was reported as the third-largest ETH holding entity, and recently added approximately $137 million worth of ETH in a single day; source: @ai_9684xtpa on X, Dec 25, 2025.

According to @ai_9684xtpa, Trend Research, affiliated with Yihua Yi, has accumulated 645,000 ETH on-chain valued at over $2.1 billion. source: @ai_9684xtpa on X, Dec 25, 2025. The post states Trend Research is the third-largest ETH holding entity and added $137 million worth of ETH in a single day. source: @ai_9684xtpa on X, Dec 25, 2025. It further claims an intention to buy an additional $1 billion of ETH and lists core holdings spanning ETH, BTC, BCH, BNB, ASTER, and WLFI, with a USD1-based thesis for WLFI. source: @ai_9684xtpa on X, Dec 25, 2025. For trading, the reported whale accumulation suggests monitoring ETH spot liquidity and on-chain inflows linked to Trend Research to validate flow and gauge near-term market depth. source: @ai_9684xtpa on X, Dec 25, 2025.

According to @CoinMarketCap, Trend Research purchased 46,379 ETH, increasing its total ETH holdings to about 580,000 ETH (source: CoinMarketCap on X, Dec 24, 2025). @CoinMarketCap reports this places the private company among the largest institutional ETH holders, behind only SharpLink and BitMine (source: CoinMarketCap on X, Dec 24, 2025). Traders often monitor such whale accumulation for potential impacts on ETH liquidity and order book depth in subsequent sessions, with the event flagged as market-relevant by @CoinMarketCap (source: CoinMarketCap on X, Dec 24, 2025).

According to @EmberCN, Trend Research, a secondary investment firm under Jackyi (@Jackyi_ld), added 46,379 ETH (~$137M) today using borrowed leverage. Source: X post by @EmberCN https://twitter.com/EmberCN/status/2003647952729104865 They have accumulated a total of 580,000 ETH (~$1.72B) since early November when ETH was around $3,400, with an estimated average cost of $3,208. Source: X post by @EmberCN https://twitter.com/EmberCN/status/2003647952729104865 Based on these figures, the position is currently at an unrealized loss of about $141M. Source: X post by @EmberCN https://twitter.com/EmberCN/status/2003647952729104865 Traders can reference the cited $3,208 average cost as a key level for positioning and risk management given the use of leverage. Source: X post by @EmberCN https://twitter.com/EmberCN/status/2003647952729104865

According to @lookonchain (X, Oct 10, 2025), an unidentified Bitcoin OG sold 35,991 BTC for 886,371 ETH about a month ago, valuing the swap at roughly $4.38B vs $3.88B now as reported by @lookonchain. According to @lookonchain (X, Oct 10, 2025), the same entity dumped 3,000 BTC two days ago and is shorting 3,600 BTC today, with position sizes cited at approximately $363.87M and $438M. According to @lookonchain (X, Oct 10, 2025), on-chain traces show wallet 0x52d3 sent 0.1 ETH to the Bitcoin OG for gas and later deposited 1.31M USDC into Trend Research’s Binance deposit address, with an Arkham Intelligence address page shared for verification. According to @lookonchain (X, Oct 10, 2025), the Arkham link enables traders to monitor these addresses and flows for potential market impact.

According to @EauDoon, recent ETH volatility is linked to Trend Research and @Jackyi_ld executing a “sell to buy, and buy to sell” strategy with a stated target of 10K ETH within a year, source: @EauDoon on X, Oct 6, 2025. Trend Research has sold 80,835 ETH at an average price of $4,458, generating around $360 million in cash, source: @EauDoon on X, Oct 6, 2025. The selling has been gradual since October 2 and is cited as a driver of recent ETH price swings, source: @EauDoon on X, Oct 6, 2025. The update signals planned re-accumulation toward the 10K ETH target as part of their strategy, a flow traders may monitor for market impact, source: @EauDoon on X, Oct 6, 2025.