Trend Research, a secondary investment firm affiliated with Jackyi_ld, has been actively selling Ethereum (ETH) to reduce leverage amid a strong price rally. Since July 15, the firm transferred a total of approximately 79,471 ETH valued at around $250 million to Binance for sale, repaying about $67 million of its Aave loan and reducing its outstanding debt from $275 million to $168 million. The average selling price was about $3,083 per ETH. Despite these sales, Trend Research still holds around 108,000 ETH valued at approximately $367 million. Between February and June, the firm accumulated 184,115 ETH at an average price near $2,118, with a total profit estimated at $191 million. In addition, on July 31, large transfers of cryptocurrency were recorded, including nearly 20,000 ETH ($77 million) moved from Binance to FalconX, and multiple USDC transfers totaling over $445 million involving Binance, Ceffu, and unknown wallets. There were also significant Bitcoin (BTC) movements on the same day, with 963 BTC ($114 million) transferred to Antpool and 981 BTC ($116 million) moved from Antpool to an unknown wallet. Separately, a wallet that began accumulating ETH in September 2020 has recently moved over 11,000 ETH, potentially realizing profits of about $31 million. This wallet also deposited 5,000 ETH ($19.2 million) to Binance and requested redemption of 6,383 ETH from Lido, marking its second large exchange deposit this month.