Whale’s $230M Bet Goes South as ETH Drops Below $3,000
Ethereum’s pullback from over $3,300 to below $3,000 has triggered a dramatic reversal for a major investor. A whale that once held a $230 million long position on ETH, enjoying a paper profit of $56 million, now faces a floating loss of $50 million—erasing over $106 million in value within days.
Over $100M Wiped Out in Days Amid Volatility
The rapid downturn highlights the dangers of leveraged positions in turbulent markets. Although the trader’s broader long exposure totals $660 million in ETH, with a liquidation threshold at $2,263—roughly $700 below current levels—the narrowing margin raises concerns amid growing market uncertainty.
- Position size: $230M
- Peak unrealized P&L: +$56M
- Current unrealized P&L: -$50M
- Liquidation price: $2,263
- Price buffer: ~$700
This sharp correction serves as a stark reminder: even bullish convictions can buckle under short-term volatility. As macro trends and on-chain sentiment shift, ETH holders may need more than belief—they’ll need ironclad risk management.