Whales are betting hundreds of millions on Ether’s price recovery despite the industry’s most successful traders being net short amid escalating conflict in the Middle East.
Ether whales are betting hundreds of millions of dollars on the price recovery of the world’s second-largest cryptocurrency despite geopolitical tensions that are sidelining investors and dampening risk appetite.
One whale (a large cryptocurrency investor) has opened an Ether (ETH) long position of over $101 million with 25x leverage at the entry price of $2,247, according to blockchain data from Hypurrscan.
The investor generated over $900,000 in unrealized profit, but paid over $2.5 million in funding fees. His position stands to be liquidated if Ether’s price falls below $2,196.