Ether whales are betting hundreds of millions of dollars on the price recovery of the worlds 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 Ethers price falls below $2,196.Whale wallet 0x916e.
Source: HypurrscanThe leveraged bet was opened hours before a second whale withdrew over $40 million worth of ETH from Binance, reaching a total of $112 million worth of ETH holdings, according to blockchain data provider Onchain Lens.Whale wallet 0x395.
Source: Onchain LensThe activity comes as Ether slumped to a one-month low of $2,113 on Sunday, following US airstrikes on Irans nuclear sites.
US President Donald Trump called the attacks a spectacular military success and warned of further strikes unless Iran agreed to peace, Reuters reported.US President Donald Trump announced an airstrike on Irans nuclear sites.
Source: ReutersThe two countries have been engaging in strategic missile warfare since June 13, when Israel launched multiple strikes on Iran, marking its largest attack on the country since the Iran-Iraq War in the 1980s.Related: Ether crypto funds see $296M inflows in best week since Trump electionMost Bitcoin (BTC) and Ether traders expect a further correction after the latest escalation in the ongoing conflict.Around 64% of the industrys most successful cryptocurrency traders are currently shorting the worlds two largest cryptocurrencies, while only 36% remain long, according to the top Hyperliquid traders tracked by HyperDash.Top traders, market positioning.
Source: HyperDashRelated: Stablecoin legislation to drive Bitcoin market cycle in 2025: Finance RedefinedMost Ether investors are currently sidelined due to the ongoing geopolitical tensions and monetary uncertainty, according to Nicolai Sondergaard, research analyst at crypto intelligence platform Nansen.We also still have a lot of market uncertainty, whether its macro or war, the analyst told Cointelegraph, adding:These factors, combined with the fact that if we look at options data, the view is still somewhat neutral, we are still in a sort of wait-and-see stage.BTC, ETH, XRP, BNB, SOL, year-to-date chart.
Source: Binance ResearchBinance researchers also attributed the price drop to geopolitical escalations, adding that a wider correction may still occur.Whether the familiar panic-then-recover pattern re-emerges will hinge on how quickly the geopolitical narrative cools, according to a Friday report from Binance Research.
Macro-driven pullbacks are still being treated as opportunities not signs of a broader directional reversal, the report said.On June 17, the staked Ether supply reached a new all-time high of over 35 million, signaling that Ethers sellable supply is decreasing as investors prepare to hold their ETH to generate passive yield rather than sell at current prices.Magazine: 3 reasons Ethereum could turn a corner: Kain Warwick, X Hall of Flame