After the announcement of interest rate cuts by the FED, whales are putting everything on long positions in Ethereum (ETH). These moves show strong faith in ETH's growth. At the same time, they increase the overall risk in the market.
Many factors indicate that without effective risk management, their long positions may soon be liquidated.
How much are whales putting everything on the certainty of profits from Ethereum?
The behavior of whales perfectly illustrates the current sentiment.
The on-chain data tracking account, Lookonchain, reported that a known whale, considered a Bitcoin OG, recently increased its long position on Hyperliquid to 120 094 ETH. The liquidation price is only 2234 USD.
Currently, this position shows a 24-hour PnL loss of over 13.5 million USD.
Similarly, another well-known trader, Machi Big Brother, maintains a long position worth 6000 ETH with a liquidation price of 3152 USD.
Additionally, the on-chain data platform Arkham reported that the Chinese whale who predicted the crash on 10/10 is currently holding a long position in ETH worth 300 million USD on Hyperliquid.
Whale activity on long positions in ETH shows that they expect a rapid price increase. However, behind this optimism lies significant risk due to the level of financial leverage on Ethereum.
Leverage on Ethereum is reaching dangerously high levels
Data from CryptoQuant shows that the estimated leverage ratio for ETH on Binance reached 0.579 — the highest in history. This level indicates very aggressive use of leverage. Even a small price change could trigger a domino effect.
Arab Chain said:
“Such a high leverage ratio means that the volume of open contracts funded by leverage is growing faster than the volume of actual assets on the platform. When this happens, the market becomes more susceptible to sudden price movements, as traders are more exposed to liquidation — both in an upward and downward trend.”
Historical data shows that similar peaks often coincide with periods of strong price pressure and frequently herald local market tops.
Weakness in the spot market increases risk
The spot market also shows clear signs of weakness. Crypto market observer Wu Blockchain reported that spot trading volume on major exchanges fell by 28% in November 2025 compared to October.
Another report from BeInCrypto highlighted that stablecoin inflows to exchanges have dropped by 50%: from 158 billion USD in August to 78 billion USD currently.
Combined with low buying strength in the spot market, high leverage, and shrinking stablecoin reserves, the potential for an ETH rebound is limited. These conditions may expose whales' long positions to serious liquidation risk.
To read the latest cryptocurrency market analysis from BeInCrypto, click here.
