Trend Research, the market-analysis arm of LD Capital, withdrew 13,462 ETH from Binance on April 10, 2025, a transfer valued at about $39.31 million. This move formed part of a larger single-day outflow of 46,036 ETH from the exchange, drawing attention from on-chain observers tracking institutional flows.
Overview of the Trend Research ETH Withdrawal
The recorded transfer reduced on-exchange supply by a notable single transaction, while the related wallet now holds 626,071 ETH, an amount equivalent to roughly $1.83 billion at current prices. The position’s average acquisition price is $3,105.5 per ETH, which produces an estimated unrealized loss of about $110 million given the present market price.
Trend Research and LD Capital: Key Players
LD Capital is a venture capital and hedge fund that focuses on the blockchain sector and invests across many projects. Its subsidiary, Trend Research, handles market analysis and executes strategic investment decisions on behalf of the group, so its on-chain movements are watched as potential signals for larger institutional behaviour.
For background on related LD Capital activity, see the earlier report on LD Capital bought ETH, which provides additional context on the fund’s Ethereum exposures. Other sizable exchange flows around the same time, such as a 3,500 ETH withdrawal, help complete the on-chain picture of that day.
Analysis of the Withdrawal
Moving assets off a centralized exchange typically indicates a shift from a tradable hot wallet to more secure custody or a longer-term holding intent. In this case, the transfer’s scale and the wallet’s retained balance point to portfolio-level management rather than an immediate sale on the exchange.
Possible institutional motives for such transfers include rebalancing, enhancing security via cold or multisig custody, or executing a broader strategic plan that separates spot holdings from derivative positions. Regardless of motive, a large off-exchange transfer reduces available on-exchange supply in the short term.
Understanding Unrealized Loss
An unrealized loss exists when an asset’s current market price is below its average purchase price but the asset has not been sold. For this wallet, the average cost of $3,105.5 per ETH and the present price gap amount to an estimated paper loss of $110 million.
For long-horizon institutional holders, such paper losses are part of portfolio volatility and do not represent realized outcomes unless positions are closed. The choice to move more coins off-exchange despite a negative cost basis can reflect continued conviction or disciplined management of custody and risk.
Broader Market Context and On-Chain Data
On-chain analytics make transfers like this verifiable and useful for tracking large holders and exchange flows. Analysts who label and follow known addresses use these data points to build a clearer picture of supply dynamics and institutional behaviour.
While a single wallet’s action does not alone determine market direction, repeated patterns from identified entities can inform assessments of whether large holders are accumulating, rebalancing, or securing assets. Transparent on-chain records allow market participants to observe and cross-reference such activity.
Почему это важно
Если вы майнер в России с от одной до тысячи машин, эта новость показывает, что крупные игроки управляют крупными позициями и иногда переводят их с бирж в более безопасные хранилища. Такие переводы уменьшают ликвидность на бирже, но не обязательно влияют напрямую на цену в кратком сроке.
Для майнера это означает, что поведение институциональных держателей — часть общей картины спроса и предложения, но не единственный фактор, определяющий доходность майнинга. Важно следить за потоками и общим состоянием рынка, но не трактовать один перевод как сигнал к немедленным действиям.
Что делать?
- Сохранять операционную стабильность: проверяйте исправность оборудования и расчёт себестоимости перед продажей добытого ETH.
- Не реагировать на отдельные крупные переводы автоматически: один перевод большого держателя редко диктует краткосрочную торговую стратегию майнера.
- Разделять доходы: при необходимости фиксируйте часть вознаграждений для покрытия расходов на электроэнергию и обслуживание, оставляя остальное в позиции.
- Следить за on-chain потоками: используйте публичные отчёты и метрики обменных нетто-потоков для понимания общего настроения рынка.
