TechFlow reports that on February 2, on-chain analyst Ember (@EmberCN) observed Trend Research had stopped out and sold 33,589 ETH (approximately $79.12 million) and withdrawn $77.52 million in USDT from Binance to repay debt. This action lowered the liquidation price of its ETH borrowing position from $1,880 to approximately $1,830.
Currently, Trend Research still holds 618,000 ETH (approximately $1.43 billion), with an average cost basis of $3,180 per ETH. The firm’s total losses amount to $562 million, comprising $27.71 million in realized losses and $534 million in unrealized losses. Additionally, Trend Research still has $941 million in leveraged borrowings outstanding.
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