Hong Kong–based investment firm Trend Research has continued to accumulate Ether, even as one of the largest corporate ETH holders warns of a potential sharp drawdown in the first quarter of 2026.
According to blockchain analytics platform Lookonchain, Trend Research recently purchased $35 million worth of ETH, lifting its total holdings to more than 601,000 Ether valued at approximately $1.83 billion.
The firm has borrowed a combined $958 million in stablecoins from decentralized lending protocol Aave and holds an average ETH acquisition price of around $3,265, Lookonchain said in a post on X on Monday.
Trend Research founder Jack Yi said he remains “bullish” on crypto through the first half of 2026 and plans to continue accumulating Ether “until the bull market arrives.” Yi added that the firm is maintaining its “maximum position in ETH,” alongside a significant allocation to the Trump family–linked World Liberty Financial (WLFI) token.
He also pointed to broader macro and policy tailwinds, saying that 2026 could bring “comprehensive positives,” including greater on-chain financial adoption, stablecoin growth, interest rate cuts, and more favorable crypto regulations.
While BitMine Immersion Technologies — the largest corporate holder of Ether — follows a dollar-cost averaging strategy, Trend Research has committed to continuing its ETH purchases regardless of “fluctuations of a few hundred dollars.”
Trend Research is now the third-largest corporate Ether holder, behind BitMine and SharpLink Gaming. However, as a privately held company, it does not appear on many public tracking platforms, including StrategicEthReserve.
Fundstrat calls $1.8K ETH bottom as smart money shorts
Yi’s bullish stance stands in contrast to projections from Fundstrat Global Advisors, which expects Ether to fall to a local bottom of around $1,800 in the first quarter of 2026.
On Dec. 21, screenshots circulated of an internal research note from Fundstrat co-founder and managing partner Tom Lee, in which he warned of a “meaningful drawdown” during the first half of next year.
“MY base case is a meaningful drawdown in 1H 2026, with BTC falling to $60k – $65K, ETH to $1,800 – $2,000, and SOL to $50-$75. These levels would present attractive opportunities into year-end.”
The same note suggested the market could establish a “durable low” in either the first or third quarter before staging a rally into year-end, potentially resulting in a shallower bear market than in previous cycles.
The bearish outlook caught many investors off guard, given that Lee also serves as chairman of BitMine — the largest corporate holder of Ether — which holds roughly $12.3 billion worth of ETH.
Meanwhile, the industry’s top-performing traders by returns — tracked as “smart money” on Nansen — have continued positioning for a short-term decline in Ether’s price.
Nansen data shows that “smart money” traders were net short Ether by a cumulative $117 million, but added roughly $15 million in long positions over the past 24 hours — signaling a modest rebound in risk appetite among this influential cohort.
