Analysis: Trend Research may need to continue selling about 40,000 ETH to unload leverage

Odaily News According to the analysis of on-chain analyst Ember, Trend Research has transferred 48,900 ETH ($150 million) to Binance today for reduction, with an average price of about $3,083. They have repaid about 67 million USDT loans on Aave, and the remaining loans are still $207 million.
Now they still hold about 133,000 ETH (423 million USD). If they want to pay off all the loans and remove all the leverage, and achieve what Yi Lihua said, holding all the spot, they probably need to continue to sell about 40,000 ETH (120 million USD)? In other words, they will eventually have about 94,000 ETH spot (no leverage) left?