Whales Are Going All-In on Ethereum — But Record Leverage Puts Their Longs at Risk

Following the FED's interest rate cut announcement, major whale wallets have aggressively increased their long positions on Ethereum (ETH), signaling strong confidence in its future price appreciation. Notable examples include a Bitcoin OG whale with a 120,094 ETH long position on Hyperliquid and another trader holding 6,000 ETH. However, this bullish sentiment is countered by significant market risks. Ethereum's estimated leverage ratio on Binance has hit a historic high of 0.579, indicating aggressive trading that makes the market vulnerable to sudden price swings and mass liquidations. Furthermore, the spot market shows signs of weakness, with spot trading volume on major exchanges dropping 28% in November compared to October, and stablecoin inflows declining by 50% since August. This combination of high leverage and weakening spot market support places these substantial whale long positions under considerable threat of liquidation.

(Source：BeInCrypto)