Hong Kong-based Trend Research has emerged as the third-largest holder of Ethereum, amassing over 601,000 ETH valued at approximately $1.83 billion. The firm has borrowed $958 million in stablecoins from the decentralized finance platform Aave to facilitate this acquisition. Meanwhile, Fundstrat has projected a potential decline in Ethereum's price to $1,800 by the first quarter of 2026. This forecast is supported by on-chain data indicating a $117 million net short position in Ethereum from smart money traders, suggesting bearish sentiment in the market.