A $100M ETH long trade with 22x leverage shows full upside exposure and a tight liquidation margin at $2,196.10.
Ethereum's funding cost hits -$7.5K as PnL spikes intraday, with no shorts or diversification in the trader’s account.
ETH network sees 13.2M active addresses and strong Layer 2 use, despite a 19% drop and falling multiplier.
A single Ethereum (ETH) whale has opened a $100 million long position as intraday volatility rises across the network. At the same time, Ethereum’s on-chain metrics point to massive transaction volume and smart contract execution surges.
Whale Bets Big as Ethereum Leverage Soars
Ethereum is currently the centerpiece of one of the largest long positions in the market. According to a post by Jeremy, a whale has entered a $100,372,586.21 long trade, totaling 44,322.96 ETH. The entry price was $2,247.22, with the position now marginally in profit as ETH trades at $2,250.10.
https://twitter.com/Jeremyybtc/status/1937128390844457375
The trader is exposed at 100% to Ethereum, with a liquidation price of $2,196.10-just $54 below market. Unrealized profit currently stands at $319,384.72, marking a 7.95% return on equity. This position is fully isolated, with zero short positions or diversification in sight.
The leveraged exposure sits at 22.05x, amplifying both profit potential and risk. The trader has deployed $4,014,902.65 of margin, consuming 88.22% of available equity. While the overall account value is $4.55 million, none of it is currently withdrawable.
Funding Costs and Profit Volatility Underscore Risk
Ethereum’s funding cost for the position has reached -$7,526.72. This indicates consistent negative funding, typically reflecting long-heavy sentiment and elevated borrowing costs. Despite this drag, Ethereum remains net profitable due to intraday price rebounds.
According to Jeremy, the 24-hour profit and loss (PnL) on the position totaled $269,408.41. Notably, the trader’s Ethereum long generated all of the PnL, while short activity remained at $0.00. The PnL chart shows two major spikes, highlighting intraday trade momentum.
The position is high conviction, with all capital and leverage dedicated to Ethereum. This strategy lacks any hedge or exposure to altcoins, reinforcing a pure ETH upside bias. The execution is designed to profit from high volatility and Ethereum-specific catalysts.
Ethereum Network Activity Signals Strong Ecosystem Momentum
Ethereum's on-chain metrics continue to show heavy usage across the mainnet and Layer 2 chains. In a post by CryptosRUs citing Growthepie data, Ethereum registered 13,238,130 active addresses this week. This marks a 19.3% weekly decline, yet activity remains historically high.
736,453 addresses interacted concurrently across several Ethereum chains, representing a 0.29% increase. This increase shows increased multichain usage, particularly in Layer 2 solutions such as Arbitrum, Optimism, and Base. Despite a 24.83% decline in the Layer 2 multiplier to 5.04x, activity has remained robust.
Weekly Ethereum traffic has grown from under 5 million in 2023 to over 18 million in 2025. Ethereum’s continued smart contract activity and Layer 2 integration have kept user engagement consistently elevated.
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