Trend Research bought ETH with 2x leverage: they borrowed about $270 million from Aave to acquire ETH. Their average cost for ETH is around $2250, while the current price of ETH has reached $3127, resulting in their 182,000 ETH unrealized gains amounting to $160 million. They have started to unwind leverage and take profit, locking in profits.

ETH-0.21%
AAVE1.22%
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