On-chain data shows that trend research continues to accumulate Ethereum. Another big purchase has been added to my recent series of purchases. According to blockchain monitoring data, this farm-linked wallet acquired 11,520 ETH worth approximately $34.9 million. The transaction originated from a Binance hot wallet and went directly to a wallet identified as the “66kETHBorrow” address.
This #66kETHBorrow Whale (identified as Trend Research) bought an additional 11,520 $ETH($34.93M). https://t.co/Zuz4m0o4rf pic.twitter.com/W4zTLoFVeZ
— Lookonchain (@lookonchain) December 29, 2025
Analysts have previously confirmed the association of this wallet with Trend Research. As a result, this acquisition will strengthen the company’s aggressive Ethereum exposure strategy. This move comes just days after the same entity executed multiple large ETH purchases. This shows continued confidence despite recent market volatility.
Borrowed funds play an important role in accumulation
According to the data, the majority of Trend Research’s ETH purchases rely on borrowed capital. Since the beginning of November, the company has accumulated more than 569,000 ETH, worth about $1.69 billion at current prices. Notably, approximately $881.5 million of the funds used for these purchases were borrowed from Aave, one of the largest decentralized lending platforms. The company appears to be borrowing USDT, transferring it through a centralized exchange, and then converting it to ETH. This leveraged approach increases potential upside, but also increases liquidation risk if ETH price drops sharply. Still, the company continues to buy in large tranches. This suggests confidence in the long-term Ethereum price strength.
On-chain flows highlight active trading patterns
Arkham’s blockchain records show a consistent pattern of fund transfers. The USDT borrowed from Aave will flow into a wallet linked to Trend Research. Then go to Binance to purchase ETH. The ETH will later be withdrawn to your self-custodial wallet. Recent transfers also show ETH moving between internal wallets, including wrapped and unwrapped positions. This indicates active capital management rather than passive ownership. This behavior is consistent with a structured financial or fund strategy rather than individual speculation. Meanwhile, monitoring platform Lookonchain flagged recent purchases immediately after payment, drawing new attention from the broader crypto community.
Markets to monitor signals in the ETH direction
Trend Research continues to buy, making it one of the most active ETH accumulators in recent months. Market participants often view these whale activities as an indicator of sentiment. However, short-term price movements are not guaranteed. Ethereum has been range-bound in recent weeks despite increased activity from institutional investors and large wallets.
As a result, analysts say these purchases may reflect a longer investment horizon. Rather than a short-term trading play. Still, leveraging means that future price movements can amplify results in either direction. For now, on-chain data suggests that Trend Research remains consistent with its strategy. This increases exposure even if market conditions remain mixed. It remains to be seen whether this accumulation phase precedes a broader trend change.
