On-chain data shows that the well-known whale address Trend Research is continuously expanding its Ethereum position through borrowing. Currently, the address holds a total of 601,074 ETH, with a market value of approximately $1.83 billion. Notably, the whale has borrowed up to $958 million in USDT stablecoins from the Aave protocol to continuously purchase ETH. According to on-chain withdrawal price data from major exchanges, the average cost basis for this massive position is in the range of $1,400-$1,800. This proactive leverage increase reflects the large holder's optimistic outlook on the mid-term market of Ethereum, while also carrying significant risk exposure—if the market pulls back and hits strong support levels, the borrowing position of this address faces the risk of liquidation.