Two large Ethereum holders, or whales, have turned their once underwater leveraged positions into profits as ETH prices approached $3,200. One whale opened a $230 million long position on 203,000 ETH at an average price of $3,147. Meanwhile, Trend Research holds 626,000 ETH borrowed on Aave with an average entry around $3,186; both now report combined unrealized gains of $22.77 million after previously facing significant unrealized losses.