Trend Research, an investment entity associated with Jackyi_ld, has been actively reducing its Ethereum (ETH) holdings to repay leveraged loans taken on the Aave platform. Between February 26 and June 20, Trend Research accumulated 184,115 ETH at an average price of approximately $2,118, with a total investment cost near $390 million. Following a strong ETH price surge above $3,100, the firm began selling portions of its holdings, transferring a total of 79,471 ETH valued at about $250 million to Binance for liquidation. These sales have enabled Trend Research to repay around $67 million in USDT loans on Aave, reducing its outstanding borrowings from $275 million to approximately $168 million. Despite these sales, the firm still holds roughly 115,187 to 136,182 ETH, valued between $376 million and $430 million, resulting in an estimated profit of $191 million. Concurrently, other large Ethereum holders have been active; a new whale address has withdrawn 88,292 ETH (around $298 million) from Kraken since July 10, with recent withdrawals of 7,980 ETH valued at $26.86 million. Another whale or institution has been reducing its ETH holdings via Wintermute, selling 10,000 ETH worth $32.97 million after purchasing 132,000 ETH at an average price of $2,540 earlier in June. Overall, while some whales continue to accumulate ETH, these major entities have collectively sold over 178,000 ETH valued at $528 million recently, capitalizing on the recent price rally.