Trend Research and the two major institutional investors, the "$230 million whale," have both successfully recovered their losses and turned their long ETH positions into unrealized profits.

PANews reported on January 5th that, according to Yu Jin, with ETH rising to $3,200, both Trend Research and the "$230 million whale" – two major institutional investors – have broken even and turned their long ETH positions into unrealized profits. The whale opened long positions in 203,000 ETH (approximately $647 million) through Hyperliquid, with an average cost of $3,147, and currently has an unrealized profit of approximately $14 million. Trend Research, on the other hand, purchased 626,000 ETH (approximately $2 billion) through Aave leverage, with an average cost of $3,186, and currently has an unrealized profit of approximately $8.77 million. Previously, both had unrealized losses of up to $74 million and $141 million, respectively.