The recent significant sell-off of Ethereum has captured the attention of the cryptocurrency community. With the market experiencing volatility for several months, Trend Research has completed a massive unwinding of its ETH holdings, selling off thousands of the popular altcoin.
Massive Trend Research’s Ethereum Unwind Concludes
The price of Ethereum is under increased bearish pressure, with major institutions seen offloading their ETH holdings, which is expected to contribute to the ongoing market volatility. Trend Research, a marketing research data collection firm based in Edmonton, has been at the forefront of the recent and widely-discussed sell-off within the community.
Trend Research’s announcement marks a significant milestone for Ethereum, signaling the end of an extended period of selling and position unwinding. Crypto commentator MartyParty, host of The Office Space, shared this development on the X platform, attracting significant community interest.
Analyzing the on-chain tracking data, the company has deposited/liquidated a total of 651,757 ETH on Binance, the world’s largest cryptocurrency exchange. At the time of the transaction, the ETH was valued at $1.34 billion, with an average exit price of $2,055.
According to MartyParty, this marks the conclusion of a leveraged long position that started unraveling when the price of Ethereum sharply declined. The forced selling began at $1,750 levels in early February 2026. The realized loss is estimated to be around $747 million, with other trackers suggesting a figure of approximately $745 million, making it one of the most significant public sales by a major player in recent times.
MartyParty has provided a detailed breakdown of the events. Trend Research initially built a substantial ETH long position by borrowing stablecoins on Aave against ETH collateral, then increasing their exposure to ETH, reaching a peak of over $2 billion at certain points.
As the price of Ethereum dropped, the company began transferring ETH to Binance in recent days/weeks to repay debts and prevent complete liquidation. Previous batches ranged from 10,000 to 90,000 ETH, with the amounts increasing. The final batch saw the remaining ETH moved out, essentially emptying their wallets. However, some traces remain, such as a tiny amount of 0.165 ETH left in their wallet according to some trackers.
This move has alleviated significant selling pressure that had been looming over the cryptocurrency market in recent weeks. The impact on the market, whether it prompts a relief bounce or is disregarded, depends on broader crypto sentiment, including macro factors, other whales, and ETF flows, among others.
ETH Whales Reviving Buying Pressure
Despite the ongoing pullback, investor sentiment towards Ethereum has not entirely turned bearish. Market expert CW revealed that inflows to accumulating wallet addresses have increased, even as ETH has experienced a notable decline.
Data indicates that large holders or whales have been increasing their holdings, while retail investors continue to sell off in panic. This divergence signifies a shift in ownership, with supply moving from weaker hands to investors with stronger conviction.
Featured image from iStock, chart from Tradingview.com
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