Investment Firm Borrows $958M in Stablecoins on Aave for Ethereum

Trend Research's Ethereum Strategy

Trend Research has a long spot position on Ethereum valued at approximately $1 billion.
The firm utilizes Aave for borrowing stablecoins, which are used to buy Ether on Binance, and subsequently redeposits the purchased ETH as collateral on Aave.
As of December 29, Trend Research holds 601,074 ETH worth $1.83 billion, with $958 million borrowed in stablecoins.
The average purchase price of ETH is estimated at $3,265.
ETH holdings are managed through Aave's interest-bearing tokens, AETHWETH.

Recent Activities

On December 29, Trend Research withdrew 11,520 ETH from Binance after depositing 20 million USDT.
This ETH was deposited on Aave, enabling further leveraged positions.
A similar transaction pattern occurred with a subsequent 9,330 ETH withdrawal.

Market Context

ETH struggles to surpass the $3,000 resistance, critical for potential bullish momentum toward $8,500.
Aave is undergoing significant governance changes, with "token alignment" proposals under discussion.

Trend Research’s balance and onchain activity, as of December 29, 2025.