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Ethereum’s price roller-coaster has drawn a dramatic wager from big players. While many smaller traders are bracing for more losses, a handful of massive accounts have broken the surface and put millions in a massive show of force. Related Reading: Bitcoin Paces $15 Billion YTD Influx Amid 10-Week Fund Flow Streak Ethereum Whale Bets Surface According to on-chain data, one whale opened a long position worth $101 million at an entry price of $2,247, using 25x leverage. That bet paid off with roughly $950,000 in profit, but it also cost $2.5 million in fees. These numbers show just how high the stakes have become. High Fees Cut Into Gains This whale further withdrew 18,000 $ETH worth $40.38M from #Binance. Now, the whale holds 50,256 $ETH worth $112.62M, currently down $2.24M Address: 0x3952d69643f7a87237c7fc8bb33f8453c0b45500 https://t.co/49vC0iqMZP pic.twitter.com/rF5cX2gsXZ — Onchain Lens (@OnchainLens) June 23, 2025 Based on reports from On-Chain Lens, another whale moved over $40 million in Ether from Binance before opening its own leveraged trade. Combine the two wallets and you’ve got about $112 million riding on an ETH bounce. Yet those $2.5 million in fees highlight the hidden cost of big bets. Middle East Tension Hits Prices ETH slipped to about $2,113 on Sunday, marking its lowest level in 30 days. That drop came after US military strikes on Iran’s nuclear sites. United States President Donald Trump called the operation a “spectacular success” and warned of more action if Iran didn’t back down. Traders say the fallout from those strikes rattled global markets and fed crypto volatility. Retail Traders Watch Closely Retail traders tend to sell when prices drop. But these whales have the scope to weather downswings. Their large purchases indicate that they find value at current levels. Short traders might not agree, however. They’re sitting in many short positions, expecting ETH to decline further before it will rise. What The Whales See Experts say large holders tend to have lower break-even points. They can afford to wait months or years for a payoff. Some also use complex strategies across multiple markets. That makes their moves hard to read from the outside. Still, when you see $112 million on the line, it’s a hint that smart money senses a buying window. Related Reading: Bitcoin Paces $15 Billion YTD Influx Amid 10-Week Fund Flow Streak Risks On Both Sides Leveraged trades amplify gains and losses equally. A 5% drop would trigger a forced sell-off on a 25x position. That could feed a sharp decline in ETH’s price. On the other hand, if the market turns up, those whales could pocket big returns well beyond what retail traders see. Investors will be watching every market swing. If geopolitical tensions cool and big money stays bullish, ETH could find footing above $2,200. But another shock—political or technical—might send the price tumbling again. Featured image from Imagen, chart from TradingView