Recently saw an interesting move—a giant whale dumped over $800 million in long positions, with 80% of it押在Ethereum. This isn't just about making nearly $100 million quickly; the key signal behind it: big funds are positioning for a structural rotation.

**Why does it have to be ETH?**

This whale is clearly not acting randomly. It has $640 million stacked in ETH, with a cost basis of $3,147, and leverage only at 3.4x. This indicates it’s not looking for a short-term surge but waiting for a confident breakout. On-chain data makes it clear: over the past month, this whale has accumulated over $2 billion worth of ETH, while the spot supply on exchanges has dropped to its lowest level in nearly a year.

What does this mean? The spot market is basically drained. Even small buy orders could push the price to new highs. The whale is doing this because it knows: retail FOMO hasn't fully kicked in yet, but institutional entry via ETFs is becoming more accessible as the cost threshold keeps dropping.

**When others are fearful, it’s greedy**

What’s the current market atmosphere? Bitcoin is stuck around $90,000, neither rising nor falling significantly. Most people are shouting "the bull market is over." But the whales on Bitfinex have already quietly pushed their long positions to a two-year high. Looking at this whale: its BTC and SOL positions combined are less than a quarter of its ETH holdings, clearly avoiding the liquidity congestion in Bitcoin and instead turning full force into ETH, which offers higher odds.

This strategy feels familiar. In August 2025, a whale with a $11 billion size did the same—selling BTC to buy ETH. At the time, many called it stupid, but two months later, ETH surged to $4,000. The patience of big players is often painfully obvious.