A whale who made $44.61m on leveraged $ETH in two months has topped up a long to 30,000 $ETH around $2,288, turning profits into even more high‑gear risk.

A leveraged Ethereum ($ETH) whale that has earned $44.61 million in profit over the past two months is increasing its bet on the asset, adding 12,000 $ETH to a long position after a brief price drop and lifting its exposure to 30,000 $ETH.

On‑chain analyst ai_9684xtpa reported on X that the address stepped in at an average price of $2,286.9 per $ETH, bringing its blended entry to $2,288.3 and nudging the trade back into “a floating profit state” as the market stabilized.

The trader’s recent performance has drawn attention across derivatives desks, with prior tracking from Weex and PANews showing the same whale using 15x leverage on Hyperliquid and similar venues to ride Ethereum’s rallies and reversals since February.

Leverage returns to Ethereum markets

According to a Weex report, one of the whale’s earlier legs involved opening a 4,000 $ETH long worth about $9.06 million at an entry of $2,264.1 using 15x leverage, part of a sequence of trades that turned an unrealized loss into tens of millions in realized profit in roughly eight weeks.

Binance‑hosted summaries of ai_9684xtpa’s data note that when the trader previously closed a 113,000 $ETH long, it locked in approximately $44.6 million in profit while still leaving tens of thousands of $ETH on the table for future upside.

The current 30,000 $ETH position translates to roughly $68.6 million in notional exposure at the latest entry, and significantly more when leverage is factored in, putting the whale among the larger single‑account risk concentrations in Ethereum perpetuals.

Similar activity has been seen in other large accounts.

KuCoin recently highlighted a BIT‑linked whale running a 15x $ETH long with an entry around $2,148.7 as part of a $216 million cross‑asset leverage book, while a Matrixport‑linked entity tracked by crypto.news was previously found holding about $300 million in combined $ETH and Bitcoin longs with an estimated $26 million in unrealized profit.

Those positions underline how aggressively some institutional and semi‑institutional traders are using double‑digit leverage around Ethereum’s current range, amplifying both potential upside and liquidation risk as funding rates and open interest rise.

For spot and options traders, the latest move by ai_9684xtpa’s whale serves as a live sentiment gauge.

After Ethereum’s recent pullback pushed many whales’ unrealized profit rates negative, on‑chain analytics firms such as CryptoQuant flagged growing pressure on large holders, with some warning that a cluster of forced unwinds could accelerate any further downside.

Instead, at least some of the biggest players appear to be leaning into the volatility, using fresh margin to defend and extend long exposure near the $2,300 mark — a line in the sand that may now serve as a de facto risk pivot for the broader $ETH market.

In a previous crypto.news story on Matrixport‑linked whale leverage, Ethereum’s behavior under concentrated long risk was framed as a test of how resilient the asset’s new derivatives‑driven market structure really is when a few large addresses choose to press their advantage rather than de‑risk.