On-chain data shows that investment firm Trend Research added another 46,379 ETH on Wednesday. After this move, their total ETH holdings rose to approximately 580,000, surpassing the crypto asset reserves of many traditional publicly listed companies.

From the timeline, this institution started accumulating ETH when it dropped to around $3,400 in early November, with an average cost basis near $3,208. At the current market price, this results in an unrealized loss of about $141 million. Interestingly, they used leverage for part of their funds, carrying approximately 8.87 billion USDT in debt on the Aave platform.

It should be noted that Trend Research is actually a secondary market investment division under LD Capital, specializing in secondary market investments and research in crypto assets, and is not an independently listed company. After the news broke, LD Capital founder Jack Yi stated on social media that the institution is prepared to invest another $1 billion to continue accumulating ETH. He also urged traders not to short ETH in his post, hinting that this could be a once-in-a-lifetime buying opportunity. This sustained institutional buying activity somewhat reflects market confidence in the medium- to long-term prospects of ETH.