Trend Research, a secondary investment firm affiliated with Jackyi_ld, has been actively reducing its leveraged Ethereum (ETH) holdings amid a strong price rally. Since July 15, the firm transferred a total of approximately 79,471 ETH valued at $250 million to Binance for sale, repaying around $168 million of its outstanding Aave loans, which have decreased from $275 million prior to the sell-off. Over the past 24 hours alone, Trend Research sold about 69,946 ETH worth $218.3 million, with an average selling price near $3,083 per ETH. The firm initially accumulated 184,115 ETH at an average cost of $2,118 per ETH between February and June, and still retains roughly 115,187 ETH valued at $376 million, yielding an estimated profit of $191 million. Concurrently, multiple large cryptocurrency transfers were reported on July 25, including 499 BTC ($57.6 million) moved from Binance to Ceffu, 150 million USDT ($150 million) transferred from Galaxy Digital to Coinbase, and significant ETH movements such as 13,999 ETH ($51.2 million) from Binance to an unknown wallet and 25,000 ETH ($91.2 million) from Arbitrum to Binance. Other notable transfers include 1,000 BTC ($115.5 million) from Bybit to an unknown wallet, and 139 million USDC ($139.3 million) from Spark to an unknown wallet, indicating substantial activity in the cryptocurrency market.