Whales collectively bet on ETH: "1011 mega whales" sit on $4 million in unrealized profits, former BTC short king turns bullish

[BlockBeats] From last night to this morning, the crypto market has started to heat up again. As of now, Bitcoin has surged to $91,000, and Ethereum has also broken through the $3,100 mark. What’s even more interesting is that the sharp-nosed whales on-chain are almost unanimously betting on ETH going up this round.

First, let’s talk about the famous “1011 Insider Whale.” Early this morning, they added another 5x leveraged ETH long position. They are now holding 54,277 ETH, with an unrealized profit of $4.02 million. That’s some impressive maneuvering.

Two other whales, jokingly called “CZ’s Counterparties” in the community, are also holding high-leverage ETH long positions and have shown no intention of closing them.

Even more explosively, the big player who previously held the largest BTC short position on Hyperliquid—pension-usdt.eth—directly flipped to go long on ETH this morning. With 2x leverage and a position of 20,000 ETH at an entry price of $3,087, this is a classic case of a seasoned short turning bullish.

As for “Maji,” last night he cut his losses and closed all his ETH longs when the price dropped, losing $738,000. But then he jumped right back in, going long with 2,100 ETH and investing $6.18 million. That kind of mentality is not something an average person could handle.

By the way, Ethena Labs withdrew another 25 million ENA tokens from an exchange this morning, worth about $7.05 million. Their wallet now holds 780 million ENA, with a total value exceeding $200 million. Looks like they’re preparing for a big move.