Recently, on-chain data has revealed some interesting findings. Besides Trend Research holding 651,300 ETH (approximately $1.92 billion) through leveraged borrowing, another big whale is also playing the same game — this one is nicknamed "7 Siblings."

This fellow also likes to use leverage through borrowing, currently stacking 596,800 ETH (worth $1.765 billion) across 8 addresses. Interestingly, this whale has a very distinctive style — every time the market crashes significantly, he habitually buys the dip in ETH, as if he’s betting against the market.

Both whales have chosen to increase their leveraged positions through lending protocols. What does this reflect? Is it their strong confidence in ETH’s medium-term trend, or are they betting on arbitrage opportunities during periods of ample liquidity? Currently, these massive leveraged positions of 1.24 million ETH have become a focal point for market attention.