[Trend Research Holds 645,000 ETH with an Unrealized Loss of $242 Million] On-chain data shows that the institution suspected to be under Yi Lihua, Trend Research, has started a new round of Ethereum accumulation since early November. It currently holds approximately 645,000 ETH (around $2.1 billion), making it the third-largest Ethereum holding entity after Bitmine and SharpLink. Its average purchase price is $3,299.43, with an unrealized loss of about $242 million. If the 'additional $1 billion purchase' plan is implemented, Trend Research is expected to become the second-largest Ethereum holding entity. The main accumulation occurred in November, accounting for over 88% and involving at least seven major addresses.