Trend Research, associated with Yi Li Hua, currently holds 645,000 ETH, valued at approximately $210 million, amid a bearish market. The firm is experiencing a floating loss of $242 million, with an average purchase price of $3,299.43 per ETH. Notably, over 88% of these holdings were accumulated in November across seven primary addresses. If Trend Research proceeds with its $1 billion acquisition plan, it could become the second-largest holder of ETH, positioning itself strategically for a potential market upswing.