When whales take risks this big, are they just gambling differently than retail Or do they know something about liquidity that protects them?Also — 120,000 ETH total ($245M). That's 0.1% of all ETH ever . One entity controlling that much.?

ETH finally poked its head back above $2K and, yes… the mood flipped fast.
That Matrixport-linked whale who was deep, "deep loss" not long ago... and now He’s back again. Actually more than a simple back.

Looking at the two wallets together, the swing is pretty wild.
The first address is sitting on a monster $ETH long worth about $143.6M, fully long, no shorts at all. Unrealized PnL on that one alone is roughly +$4.15M now, with a 15x cross position around 70,000 ETH, average entry near $1,991, liquidation way down around $1,363. Still paid a painful amount in funding, but price did the heavy lifting this time.
The second wallet isn’t slacking either. It’s holding about 50,000 ETH long, position value roughly $102.5M, entry around $2,012, liquidation near $1,351. Unrealized profit there is about +$1.91M, after clawing its way back from the red. Funding fees stung here too, but again… #ETH moving saved the day.
Put both together and the math lands around $6.05M in unrealized profit right now.

Not long ago this same setup was staring at a $15.5M paper loss. Same positions, same leverage, same nerves probably… just a different price on the screen. That’s crypto for you.

addresses:
0x6C8512516Ce5669d35113A11Ca8B8DE322fD84F6
0xa5B0eDF6B55128E0DdaE8e51aC538c3188401D41
{spot}(ETHUSDT)
{future}(ETHUSDT)