Ethereum (ETH) Whale Opens 26,974 ETH Long Worth $63.88M After the Dip Below $2,300

26,974 ETH Long After the $2,300 Dip

Ethereum price weakness over the weekend turned into fuel for one heavily leveraged trader. A wallet whose address begins 0xe813 opened a long position of 26,974 Ethereum (ETH) with a notional value of about $63.88 million, on-chain analytics platform Lookonchain reported in a post published on Sunday, October 25, 2026. Within a short window after entry the position carried roughly $842,000 in unrealized profit, a paper gain that would shrink or vanish if the market turned. The same wallet had previously booked about $3.3 million in profits from NEAR Protocol (NEAR) trades, a track record that sets this bet apart from routine whale activity.

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Post published on Sunday, October 25, 2026.

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The trade followed a sharp pullback. Ethereum slid below $2,300 on October 24, a move that drove heavy churn across leveraged derivatives venues, and the new long stakes directly against further downside. A long position is a derivatives trade that profits when the underlying asset rises; if price moves the other way, the position flips to a loss and, without sufficient margin, faces liquidation. Notional exposure of this scale means a single percentage point of price movement moves the wallet's result by hundreds of thousands of dollars. Ethereum (ETH), the largest altcoin by market cap, spent the weekend absorbing selling pressure, the kind of backdrop where large contrarian longs tend to appear. Lookonchain's data places the entry within hours of the dip, which reads as a deliberate counter-trend wager rather than a passive hold. The wallet's identity beyond the address prefix is unknown, and the position remained open at the time of the report. Whether the trade is hedged elsewhere, on other assets or other venues, cannot be verified from the on-chain record alone.

Hyperbot Data and a 100% Win Rate

The $63.88 million figure is a notional value, not a spot outlay. Perpetual futures venues run on smart contract infrastructure that lets traders control large positions with only a fraction of the capital posted as margin, so the wallet's actual commitment is almost certainly smaller than the headline number. The exact leverage level and the estimated liquidation price were left unverified, and the screenshot attached to the report, drawn from Hyperbot data, showed the same $63.88 million size with paper profit near $810,000, a small gap from the stated $842,000 that most likely reflects the two readings being taken at different moments. Unrealized profit recalculates with every tick. The wallet's eventual result depends on the exit price, the funding payments accrued while the position stays open and trading costs, none of which the report discloses. The same caveat applies to the wallet's displayed 100 percent win rate on tracked trades: the ratio covers only the history the analytics platform can see, and losses in other wallets or on other venues would remain invisible.

This bet also differs from the accumulation channels that shape Ethereum's supply. A staking position earns yield while holding the asset, and an Ethereum treasury purchase adds coins to a long-term reserve; both tolerate drawdown in ways a leveraged long cannot, since a leveraged long can be forced closed at an unfavorable price. The 0xe813 wallet has chosen the version with a deadline attached, and its $3.3 million NEAR profit bought it room, not protection. At these sizes, funding rates alone can swing a position's weekly result by a meaningful margin even when price stands still. Whether the trader holds offsetting positions elsewhere is unknown, and nothing in the on-chain record rules that out.

One Long, One Outflow, No Confirmed Link

COINOTAG's read is straightforward: one wallet's long does not set direction for Ethereum (ETH), but it records where conviction concentrated after the dip below $2,300. The same stretch of trading saw coins leave exchanges, including a 169,770 ETH daily exchange outflow, the largest in four months. Those are separate facts and neither causes the other; what they share, at most, is a mood of accumulation that the market has yet to confirm. The position was still open at the time of the report, with $842,000 in paper gains, unverified leverage and a liquidation level nobody outside the trader's venue can pin down.