A trader who previously shorted the market before the Oct. 10 crash has continued expanding a large leveraged Ethereum long position, adding more than $445 million since Dec. 9.
The whale’s position has grown rapidly over several days, with unrealized profit figures rising from single-digit millions to more than $14 million as ETH price volatility accelerated.
Analysts following the activity have begun to question whether the whale has insights about Ethereum’s future that others do not.
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Whale’s Expansive Ethereum Position
New data shared on X by crypto analyst Ted Pillows shows the Ethereum whale has significantly increased its leveraged long exposure.
According to screenshots posted on Dec. 12, the trader added another $124 million to the position, bringing the total Ethereum long to approximately $445 million.
“He has now added another $124,000,000 to his $ETH long position,” he wrote.
“Current position size: $445,000,000,” Pillows added.
The update follows several days of aggressive accumulation, with the whale repeatedly adding size during periods of heightened volatility.
Earlier screenshots indicated unrealized profits exceeding $14 million , though profit figures were not disclosed in the latest update.
The continued scaling has intensified speculation among traders, particularly given the size of the position and the trader’s history of correctly positioning ahead of major market moves.
However, some market participants remain skeptical, suggesting the activity may reflect high-conviction macro positioning rather than insider insight.
Market Signal?
The rapid accumulation has fueled speculation among retail traders about whether the whale is positioning for a major upside move in Ethereum heading into 2025–2026.
“He knows something,” one user wrote.
Another said: “Might be anticipating short-term Ethereum upside.”
While large leveraged positions can influence sentiment, wallet-level moves do not necessarily reflect broader institutional positioning.
Analyst Ted Pillows noted he has seen “a few people taking opposite sides today.”
He added that the whale’s movements were a “serious statement no matter how you framed it.”
Could Ethereum Reach $5,000 by 2026?
Technical market analyst Victor Olanrewaju said Ethereum remains constrained within a broader downtrending structure despite recent attempts to rally.
“From a technical standpoint, the daily chart shows Ethereum’s price is still trapped inside a descending channel,” Olanrewaju said.
“Even so, the price is now flirting with the upper trendline and attempting to push through resistance.”
He added that multiple indicators show early signs of improvement, though not enough to confirm a sustained breakout.
“At the same time, the On-Balance Volume (OBV) is trying to break above its downtrend, signaling early signs of improving participation,” he said.
“ETH has also moved above the 20-day Exponential Moving Average, a development that typically supports short-term recovery attempts.”
Despite these developments, Olanrewaju cautioned that Ethereum has not yet met the criteria needed for a more decisive bullish shift.
“However, the setup is not yet strong enough to confirm a move toward the 0.618 golden ratio,” he said.
“For now, ETH’s price is more likely to swing between $3,000 and $3,509 as consolidation continues.”
He noted that stronger buying pressure could change that outlook:
“If buying pressure expands meaningfully, the market value could climb as high as $4,061, setting the stage for a broader bullish shift.”
But he also warned of potential downside risk:
“On the other hand, if bears regain control, ETH risks breaking down toward $2,616, its next support level.”
