![Trend Research and [$230M Long Whale] Ethereum Holdings Turned from Loss to Gain](https://i1.wp.com/www.cointech2u.com/wp-content/uploads/2025/10/log-s-rectangle.png?x-oss-process=image/quality,q_50/watermark,image_ef114bafb453df0ab217c8613c5504e3,g_center/format,webp&w=1300&resize=1300,800&ssl=1 "Trend Research and [$230M Long Whale] Ethereum Holdings Turned from Loss to Gain")
![Trend Research and [$230M Long Whale] Ethereum Holdings Turned from Loss to Gain](https://www.cointech2u.com/wp-content/uploads/2025/10/log-s-rectangle.png?x-oss-process=image/quality,q_50/watermark,image_ef114bafb453df0ab217c8613c5504e3,g_center/format,webp "Trend Research and [$230M Long Whale] Ethereum Holdings Turned from Loss to Gain")
BlockBeats News, January 5th, according to Ashes Monitor, as ETH surpasses $3200, it has exceeded the cost basis of two whales/institutions who were previously high-profile bullish on ETH, Trend Research and [$230M Long Whale]. They have both turned their positions from unrealized losses to gains:
The [$230M Long Whale] has longed 203,000 ETH ($647M) through Hyperliquid, with an average cost of $3147 per ETH. The overall position has shifted from a previous peak unrealized loss of $74M to the current $14M unrealized gain.
Trend Research has leveraged Aave to buy 626,000 ETH ($2B), with an average cost of approximately $3186 per ETH. The overall position has moved from a previous peak unrealized loss of $141M to the current $8.77M unrealized gain.
