Trend Research withdrew 9,939 ETH worth $30.94 million from Binance on January 20, raising its total Ethereum holdings to 636,717.65 ETH with an average acquisition cost of $3,105.46. This builds on earlier moves, including transferring 30 million USDT from Aave to Binance after ETH’s price fell below $3,186. The firm continues to employ significant leverage, with $1 billion in USDT loans at 2x leverage, and had previously borrowed $20 million USDT from Aave V3 while managing unrealized losses.