COINOTAG reported on August 31 that on-chain analyst Ai Yi (@ai_9684xtpa) flagged a movement by Trend Research, an affiliate of Ledger Capital: a transfer of 203,105 ENS tokens (approximately $4.72 million) into Binance. The on-chain disclosure identifies the wallet and transaction volume and does not assert any trader intent or execute hypotheses.
Chain records indicate this tranche was withdrawn from Binance on July 23 at $28.82 per token; applying the reported recharge price of $23.24, a full liquidation at current valuations would reflect an estimated unrealized loss near $1.133 million. COINOTAG also notes Trend Research’s ENS activity a year earlier showed realized positions that were loss-making, per public on-chain data.