On-chain trackers confirm Trend Research has borrowed $958M in stablecoins from Aave to expand ETH exposure.
Trend Research has been identified as the entity behind the widely monitored 66,000 ETH borrowed whale. Recent blockchain records show coordinated Ethereum movements involving Aave and Binance, where large ETH collateral positions supported stablecoin borrowing that was later recycled into further ETH purchases through centralized exchange liquidity.
Trend Research Identified as 66,000 ETH Borrowed Whale
Blockchain tracking firm Arkham confirmed that Trend Research controls the wallet known as the 66,000 ETH Borrowed Whale. The confirmation followed recent on-chain activity involving large Ethereum movements across centralized and decentralized platforms.
Trend Research withdrew 11,520 ETH from Binance, valued near $34.93 million at execution time. The Ethereum was then supplied to Aave as collateral to access stablecoin liquidity. Onchain Lens reported the transaction flow after tracking the wallet activity across multiple protocols.
The “66,000 $ETH Borrowed Whale” is none other than Trend Research (@Trend_Research_), as confirmed by @arkham.
Just in: they withdrew 11,520 $ETH, worth $34.93M, supplied it to #Aave, borrowed $20M $USDT, and deposited it back to #Binance to buy more $ETH.… https://t.co/TSK9Nwvh8h pic.twitter.com/bh4DdWh0RE
— Onchain Lens (@OnchainLens) December 29, 2025
The firm shared that the collateralized ETH supported a 20 million USDT borrowing position on Aave. The borrowed USDT was transferred back to Binance soon after the loan execution. Moreover, the transfer pattern showed alignment with previous Ethereum accumulation strategies linked to the same entity.
Borrowed USDT Returned to Binance for ETH Accumulation
After receiving the USDT loan, Trend Research deposited the full amount back into Binance. The transfer suggested preparation for additional ETH purchases through centralized market liquidity. Furthermore, Lookonchain provided further tracking of Trend Research borrowing activity across Aave positions.
The firm noted repeated borrowing cycles where stablecoins were used to increase ETH exposure. According to Lookonchain data, Trend Research currently holds 601,074 ETH across tracked wallets.The ETH holdings carry a market value near 1.83 billion dollars based on current prices.
Trend Research(@Trend_Research_) keeps borrowing $USDT to buy $ETH.
Trend Research currently holds 601,074 $ETH($1.83B) and has borrowed a total of $958M in stablecoins from #Aave.
Based on the on-chain $ETH withdrawal prices from #Binance, the average purchase price is… pic.twitter.com/MLNVeN8r2l
— Lookonchain (@lookonchain) December 29, 2025
The firm has borrowed a combined $958 million in stablecoins from Aave over time. These loans were primarily used to expand Ethereum positions during market pullbacks. On-chain withdrawal data shows an average ETH acquisition price close to $3,265. The data was calculated using Binance withdrawal prices associated with Trend Research addresses.
Leverage Strategy Observed Across Aave Positions
The transaction pattern reflects a consistent leverage-based accumulation approach. ETH is supplied as collateral, while stablecoins are borrowed against price exposure. Aave allows ETH collateral to secure loans while maintaining ownership of the underlying asset. Essentially, this structure enables leveraged exposure without direct ETH liquidation.
The collateral ratio remains critical for maintaining loan health during price fluctuations. Besides, sharp ETH price drops could increase liquidation risk for large leveraged positions. However, the wallet activity shows calculated sizing rather than sudden overextension.
Collateral deposits and loan amounts appear measured relative to ETH value at execution. Trend Research activity remains transparent due to public blockchain visibility. Consequently, market participants continue monitoring wallet movements for broader liquidity signals.
Related Readings: Ethereum Whale Purchases Additional 40,975 ETH Bringing Total to $1.69B
Ethereum Network and Market Metrics Context
According to DefiLlama, the Ethereum total value locked currently stands at $69.785 billion. The figure reflects a 1.73% increase over the 24 hours. Chain fees over the same period reached $267,315 across Ethereum applications.
Concurrently, chain revenue totaled $24,168 during the measured window. Ethereum chain REV reached $475,866, reflecting validator reward activity. Token incentives distributed across protocols totaled $8.25 million.
Application revenue reached $1.25 million, while application fees hit $6.21 million. Net inflows across Ethereum-based protocols totaled $76.96 million. NFT trading volume reached $2.61 million within the same period.
Ethereum price trades near $2,963 at the time of reporting. Ethereum market capitalization stands at $357.571 billion. Fully diluted valuation matches the current market capitalization due to supply structure.