Key Notes

Whale trader purchased 21,966 ETH at $4,550 using $3.99 million margin for nearly $100 million exposure position.

Despite 81% historical win rate, some analysts report this could be a delta-neutral trading strategy rather than directional.

Ethereum shows mixed signals with cooling momentum and conflicting whale activity creating market uncertainty.

A smart whale—a large trader with a solid winning track record—is bullish on Ethereum ETH $4 468 24h volatility: 3.2% Market cap: $539.41 B Vol. 24h: $28.27 B , opening a nearly $100 million long position on ETH with 25x leverage via HyperLiquid. The position, however, is currently losing around $2 million, as the ETH price has fallen below the trader’s entry point.

Notably, this whale ( 0x89D… )

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