Ethereum Whale Opens $90.8 Million Long as ETH Eyes $3,230

Ether is the core asset underpinning Ethereum’s DeFi and application economy, while derivatives positions provide a gauge of professional traders’ risk appetite. DefiLlama data shows Ethereum accounts for 53% of total value locked across blockchains. U.S. spot Ether ETFs have $11.6 billion in assets under management, providing significant support for institutional demand and putting the market impact of the hacks in focus.

On May 12, 2026, the annualized funding rate for ETH perpetual futures stood at 5%. Put volumes on Deribit have remained below call volumes since May 4, indicating that the market has not turned bearish. Even after Kelp DAO, Ekubo and TrustedVolumes suffered thefts of more than $290 million, $1.4 million and $6.7 million, respectively, ETH continued to hold the roughly $2,200 support zone, keeping the $2,600 target in play.

Ethereum is a major crypto asset with substantial leveraged exposure, making it vulnerable to cascading liquidations when its price breaks below key support levels. The US Federal Open Market Committee kept interest rates unchanged on March 18 but raised its inflation outlook, pressuring risk assets. CoinGlass data showed that more than $2.5 billion in ETH long positions across exchanges could be liquidated if the token fell below $2,000.

On March 19, TradingView data showed ETH fell 7% in a single day to a low of $2,140, triggering about $144 million in long liquidations. By March 27, ETH had again fallen below $2,000 to $1,975, down 5% over 24 hours, with more than $111 million in additional long positions liquidated. SoSoValue data showed US spot ETH ETFs had recorded seven consecutive days of net outflows totaling $391.8 million.