PANews reported on February 6th that, according to on-chain analyst Ember, Trend Research has transferred a total of 216,000 ETH ($411 million) to Binance today. They have now reduced their holdings by two-thirds of the 651,500 ETH they bought at $3,180: since February 1st, they have sold a total of 404,600 ETH at an average price of $2,071.

Currently, there are 247,000 ETH ($476 million) and 321 million USDT in loans held on the chain. To completely unleverage, it is estimated that a small portion of this would need to be sold. After unleveraging, there would still be a few hundred thousand spot ETH remaining.