Gerret jin just deposited 261,024.44 ETH into Binance in the past 40 minutes. This guy has also been selling BTC recently. Based on on-chain analysis, it seems like the same backer is behind both him and Trend_Research. Gerret jin’s on-chain ETH long positions are synchronized with Trend_Research’s loop lending activities. Wild guess: Trend_Research is calling for loop lending upfront, and they’re likely opening a ton of long positions simultaneously on both CEX and DEX platforms with depth and traffic. In the end, Gerret jin’s long positions on Hyper were openly liquidated, losing billions of dollars. Together, the two openly lost over $1 billion. No matter how much money they have, they can’t sustain this kind of burn. Feels like the backer is losing hope and planning to sell off all their coins.