## Trend Research in the Attack Position: 600K ETH Accumulation Accelerates During Recession

While the crypto market is experiencing volatility, ETH is trading around $3.12K, showing a minimal daily increase of 0.36%. One of the largest institutional players is demonstrating an opposite strategy. Trend Research, whose investment approach is driven by on-chain transaction data, is aggressively building its position precisely when most of the market prepares for further recession. This accumulation is substantial: the company controls 601,074 tokens, worth approximately $1.83 billion at current prices, gathered through massive loans.

## Borrowing as an Investment Tool

The mechanics of this strategy are transparent and repeatable. Trend Research consistently borrows USDT on Aave — a lending platform that serves as a key liquidity source for institutions. At the time of analysis, the total amount of loans in stablecoins reached $958 million. These funds are then channeled through Binance, where large ETH purchases are made, after which the tokens are transferred to the company's personal addresses.

On-chain transaction analysis conducted by Lookonchain revealed a clear pattern: borrowing blocks of $20M USDT are regularly followed by massive Ethereum withdrawals ranging from 9,000 to 46,000 tokens at a time. This accumulation rhythm appears not as spontaneous buying but as a coordinated operation aimed at long-term market entry.

## Average Entry Price Exceeds Current Quote

By calculating the average purchase price based on historical exit prices from Binance, experts determined that Trend Research bought ETH at an average rate of about $3 265. At the current price of $3.12K, the company is technically at a loss on paper for an indefinite amount. However, such unrealized losses have not affected the pace of accumulation.

This fact alone is a strong signal. If an institutional player continues borrowing and buying despite the price falling below its entry point, it indicates deep confidence in the future revaluation of the asset. A recession is on the horizon, yet Trend Research evidently views it as a temporary phenomenon.

## ETH Fell 27% in a Quarter, but Institutions Were Not Stopped

Over three months, Ethereum lost about 27.4% of its value, dropping from levels above $4 500 to current levels. Such a decline traditionally leads to margin liquidations and panic selling. However, for large players with reserves and readiness for volatility, it becomes an entry window.

Trend Research acts precisely as such a player. Its actions during downturns and recessions demonstrate that the company relies on crypto market cyclicality and a probable recovery in 2026. The risk of liquidation at current levels appears minimal due to the collateral reserves in place.

## Signals for Traders Watching the Whales

Institutional moves always attract the attention of retail and professional traders, who use them as a compass amid uncertainty. Through its consistent transactions, Trend Research effectively signals its readiness to hold ETH long-term, even when market sentiment speaks of fear.

If the recession passes faster than expected and Ethereum begins to grow, Trend Research’s position opens the door for extreme profits. Conversely, if the decline continues, the fate of such a loan-dependent strategy remains uncertain. However, the current behavior of the institution indicates it is willing to risk on a recovery bet.