Whales Dive In as Tensions Rise
Ethereum whales are making risky bullish bets despite the crashing of crypto prices following U.S. airstrikes on Iranian nuclear targets. In blockchain data provided by Hypurrscan, a major investor initiated a $101 million ETH long position with 25x leverage at $2,247.
The trade immediately generated $900,000 in unrealized profits but came with over $2.5 million in funding expenses. The trade can be liquidated if ETH goes below $2,196 — a price critically close to current lows.
Several hours later, another whale moved over $40 million in ETH from Binance, bringing total on-chain whale balances over $112 million, according to Onchain Lens.
Traders Turn Bearish as Conflict Escalates
In spite of the whale trades, sentiment among top traders is extremely bearish. Data from HyperDash shows 64% of the top-performing crypto traders are shorting Ether and Bitcoin anticipating further corrections in the context of the escalating US-Iran-Israel tensions.
ETH fell to a one-month low of $2,113 on Sunday after the airstrike. US President Donald Trump termed the attack as a “spectacular military success” and warned of further action if Iran does not accept peace.
Market Caution and Wait-and-See Mode
The overwhelming majority of Ether investors are in wait-and-see mode. Nicolai Sondergaard, Nansen’s research analyst, says investors are cautious due to “macroeconomic and wartime uncertainty.”
Data from the options market indicates that overall, investors are playing neither bear nor bull, as the market hasn’t yet invested in a clear directional move.
Ethereum Fundamentals Remain Strong
Though short-term volatility has surfaced, fundamentals of Ethereum are holding up. On June 17, staked ETH supply had hit a new all-time high of more than 35 million, reducing sellable supply and increasing long-term optimism.
Binance Research suggests that the market could be about to embark on its customary “panic-then-recover” pattern, subject to the trajectory of the geopolitical landscape.
“Macro-driven pullbacks continue to be viewed as buy opportunities — not indicative of a larger directional change,” Binance wrote in its latest report.
