💸 One Dormant OG Whale Is Holding a $645M $ETH Long in Deep Red 💸
A dormant OG whale has quietly come back and is now holding $761.8M in perpetual longs across ETH, $BTC , and SOL. No flashy moves. No scattered trades. Just one clear directional bet.
The main position is a $645M ETH long at 5x leverage. It is currently sitting around -$24.8M unrealized, yet the position remains untouched. Liquidation is near $2,239, so this is not a trader on the edge. This is someone prepared to sit through volatility.
Meanwhile, Deribit ETH-PERP funding has pushed up to ~0.0255, meaning traders are paying to stay long. Options data shows short-term caution, but long-dated contracts are quietly leaning bullish.
Spot ETH ETFs are still seeing outflows. Institutions are not rushing into spot. But in derivatives, exposure is building.
This combination usually shows up before a big move, not after one.
The whale is not chasing a bounce.
The whale is positioning early.
👉 Verdict: this looks like conviction, not fear.
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