The transfer of nearly 49,000 ETH indicates Trend Research's ongoing strategy to manage its leverage, following significant borrowing earlier this year.
Trend Research transferred 48,900 ETH, valued at approximately $150 million, to Binance, with plans to reduce leverage. The firm has repaid around $67 million in USDT loans on Aave, leaving $207 million in remaining debt. They currently hold about 133,000 ETH valued at $423 million, indicating a potential need to sell around 40,000 ETH to fully clear their leverage.