Analysis: Trend Research Likely Needs to Sell Around 40,000 More ETH to Fully Unwind Leverage

Odaily Planet Daily News According to on-chain analyst Yujin, Trend Research has transferred 48,900 ETH (worth $150 million) to an exchange today for partial liquidation, with an average price of approximately $3,083. They have already repaid about $67 million USDT in loans on Aave, with $207 million in outstanding loans remaining.
Currently, they still hold around 133,000 ETH (worth $423 million). If they intend to fully repay all loans and completely unwind their leverage, as Yili Hua suggested, they would need to sell approximately another 40,000 ETH ($120 million). This means that in the end, they would be left with about 94,000 ETH in spot holdings (without leverage)?