Trend Research Withdraws $63 Million in ETH as BitMine and Market Dynamics Signal Shifts in Ethereum Holdings
Trend Research withdrew 20,850 ETH worth $63.28 million from Binance on Sunday and borrowed $40 million in USDT through Aave to fund further Ethereum purchases. Its institutional arm currently holds 601,074 ETH (approximately $1.83 billion) across five addresses and has borrowed $958 million in stablecoins to acquire Ethereum at an average price near $3,265 per ETH.
Meanwhile, BitMine Immersion Technologies intensified its Ethereum holdings, staking an additional $780 million in ETH on the same day. This increased its two-day total investment to $1 billion and raised its ETH stake to 4.07 million, representing about 3.37% of the total Ethereum supply. BitMine disclosed that it aims for a 5% target and possesses $1 billion in cash alongside 193 BTC on its balance sheet. Its BMNR stock is ranked 66th in U.S. trading by volume, averaging $1.7 billion daily. Over the past week, BitMine added 98,852 ETH as part of an ongoing accumulation strategy, notably absorbing a significant portion of Ethereum supply since July.
Market data shows Ethereum’s entry and exit queues currently hold 745,619 ETH awaiting entry, with an average 13-day wait, and 360,518 ETH awaiting exit. If exit queues decline to zero by early January, this could ease sell pressure on the asset.
Industry forecasts suggest a tenfold increase in Ethereum’s total value locked (TVL) by 2026 if stablecoin issuance reaches approximately $500 billion and tokenized real-world assets hit around $300 billion. This growth would be bolstered by sovereign wealth funds increasing their ETH holdings. According to DeFiLlama, Ethereum’s TVL stands near $68.2 billion, with price levels around $3,000. Technical analysis indicates that a daily close above $3,000 could drive ETH prices toward the $3,200–$3,400 range, while failure to reclaim this threshold might reverse recent gains.
Separately, ETHZilla, a Peter Thiel-backed entity, has begun unwinding its Ethereum treasury by selling about $74.5 million in ETH.
