Major crypto fund Trend Research is doubling down on ETH, acquiring another 46,000 ETH valued at roughly $137 million over the past 24 hours. The move comes despite mounting paper losses—their total ETH exposure now sits at approximately $1.8 billion with an average entry price near $3,265 per coin.

The fund's strategy of continuing to borrow USDT and accumulate ether reveals notable conviction, even as unrealized losses have ballooned to $250 million. This buying pressure amid bearish positioning highlights the divergence between short-term price action and long-term institutional accumulation strategies in the ethereum market.