Neutra. The large accumulation of ETH shows long-term conviction, but the intense use of leverage and unrealized losses raise liquidation and volatility risks.

Blockchain sleuth EmberCN posted on X that besides Trend Research, which holds 651,300 ETH through leveraged loans, another major Ethereum whale known as '7 Siblings' has also accumulated a substantial amount of ETH using similar methods. The '7 Siblings' entity has deposited 596,800 ETH across eight addresses on the lending protocol Spark, making them the largest depositor on the platform. They have borrowed $193 million in stablecoins, including DAI, USDT, and USDS, from Spark.During the market downturn in October and November last year, these stablecoins were used to purchase 49,287 ETH at an average price of $3,531. Currently, this investment has resulted in an unrealized loss of $27.7 million. The addresses ranked 2nd to 7th, 10th, and 11th on Spark belong to '7 Siblings.'