Ethereum’s recent pullback has triggered aggressive positioning from large capital allocators, with Trend Research emerging as one of the most active buyers.
Onchain activity suggests the firm is not simply adding ETH, but systematically building exposure using decentralized finance as a force multiplier.
Key Takeaways
Trend Research has built a nearly $2 billion Ethereum position during market weakness
The firm is using DeFi lending to scale ETH exposure rather than relying only on spot buying
Long-term conviction, not short-term price action, appears to be driving the strategy
Trend Research builds a multi-billion-dollar ETH position
Trend Research has expanded its Ethereum holdings to 636,815 ETH, a position valued at roughly $1.98 billion at current prices. The scale of the holdings places Trend among the largest known ETH holders globally, and recent transactions show the firm continues to add during periods of market weakness.
Rather than deploying capital in a single spot purchase, Trend has been executing a structured accumulation strategy that blends centralized liquidity with DeFi lending. This approach allows the firm to steadily increase exposure without waiting for a clear market reversal.
How Trend is using DeFi to scale exposure
Blockchain data reviewed by Arkham Intelligence shows Trend borrowing large amounts of USDT through Aave, converting those funds into ETH on Binance, and then transferring the purchased Ether back into Aave as collateral.
By looping ETH into DeFi lending markets, Trend is able to unlock additional borrowing capacity and continue accumulating. The method reflects a high-conviction view on Ethereum, as leveraged strategies typically amplify both upside and downside risk.
A long-term view shaped by market cycles
Trend’s accumulation is closely tied to its broader outlook on crypto market cycles. The firm’s founder has previously expressed optimism about digital asset performance in the first half of 2026 and has framed current conditions as a preparatory phase rather than the peak of the cycle.
Even after sharp drawdowns late last year, Trend reaffirmed its bullish stance on Ethereum, pointing to the growing role of crypto assets within traditional finance as a key structural tailwind. In that context, ETH is being treated less as a short-term trade and more as foundational infrastructure worth accumulating early.
What Trend’s strategy signals for Ethereum
Trend’s approach highlights how institutional behavior around Ethereum is evolving. ETH is increasingly used as productive capital – serving as collateral, leverage, and long-term exposure – rather than sitting idle on exchanges. This trend aligns with broader data showing declining exchange balances and rising institutional participation.
As more capital is absorbed into long-term strategies, Ethereum’s available supply becomes tighter, potentially reshaping market dynamics when demand accelerates again.
A brief note on broader institutional demand
Trend is not alone in this approach. Other firms, including BitMine Immersion Technologies, have also disclosed continued Ethereum accumulation and large-scale staking activity, reinforcing the narrative that institutional demand for ETH is steadily intensifying.
