Institutions have unrealized losses of 141 million USD on holdings of 580,000 ETH, with a leverage ratio of about 2 times.

According to monitoring data from BiTui, the well-known investment institution Trend Research has increased the position again recently. The institution used borrowing leverage to buy 46,379 ETH in one go, with a transaction scale reaching 137 million USD.

Interestingly, this institution began to lay in wait when ETH dropped to $3,400 in early November, and has now accumulated a position of 580,000 coins, with a total value of $1.72 billion. The average cost of their position is approximately $3,208, but currently shows an unrealized loss of $141 million—under leverage, this figure appears somewhat eye-catching.

From the perspective of funding ports, Trend Research has borrowed a total of 887 million USDT from Aave to support this operation, with a leverage ratio maintained at around 2 times. It is worth noting that this institution previously made $24.48 million by shorting ETH, indicating their grasp of market rhythms is quite adept. Is this increase the position a gamble on a rebound, or is there a deeper meaning? It is worth paying attention to subsequent developments.