On-chain analytics firms Arkham and Lookonchain have confirmed that investment firm Trend Research is the entity behind the significant "66,000 ETH Borrowed Whale" wallet. The firm has executed a sophisticated, high-conviction leveraged strategy to accumulate Ethereum (ETH), borrowing a total of $958 million in stablecoins from the Aave lending protocol over time.
The recent activity, tracked on December 29, 2025, shows a clear pattern: Trend Research withdrew 11,520 ETH (worth ~$34.93 million) from Binance and supplied it as collateral on Aave. Against this collateral, the firm borrowed 20 million USDT, which was then deposited back to Binance, presumably to purchase more ETH. This cycle has been repeated, with another instance involving a 9,330 ETH withdrawal from Binance followed by a similar 20 million USDT borrow.
This strategy allows Trend Research to maintain leveraged exposure to Ethereum without direct liquidation of the underlying asset. According to Lookonchain data, the firm currently holds 601,074 ETH across tracked wallets, with a total value of approximately $1.83 billion. The on-chain data suggests an average ETH acquisition price of around $3,265, calculated from Binance withdrawal prices.
The firm's positions are held in the form of Aave's interest-bearing token, aETHWETH. This large-scale activity is being closely monitored by the market for signals on institutional accumulation strategies and broader liquidity flows. The news comes as Ethereum struggles to decisively break the $3,000 resistance level, a key threshold analysts are watching for a potential bullish reversal.
