Whales and Trend Research Both Break Even: How to Turn $140 Million Unrealized Losses into Unrealized Gains

ETH’s rebound at the beginning of 2026 is strong. According to the latest news, as ETH price rises to around $3,200, large institutional investors’ long positions have successfully been unwound. This not only marks a turnaround from losses for these institutions but also reflects the robustness of ETH’s support at the bottom.

The Full Picture of the Two Major Institutions’ Unwinding

Whale’s 203,000 ETH Position

“The $230 million whale” opened a long position of 203,000 ETH through Hyperliquid, with a total value of approximately $647 million, at an average cost of $3,147. At the current price of around $3,188, this position has realized an unrealized profit of about $14 million. More notably, this institution previously experienced an unrealized loss of up to $74 million. The reversal from a significant loss to an unrealized profit demonstrates the strength of this rebound.

Trend Research’s 626,000 ETH Leveraged Position

Trend Research bought 626,000 ETH on leverage via Aave, with a total value of about $2 billion, at an average cost of $3,186. The current unrealized profit is approximately $8.77 million. This institution’s position size is larger, and its previous unrealized loss was even deeper—up to $141 million. The turnaround from a $141 million loss to current unrealized profit is equally remarkable.

Comparison of the two institutions’ positions:

Market Context of ETH’s Rebound

The ability of these two institutions to unwind their positions is closely tied to ETH’s recent strong performance. According to the latest market data:

• 24-hour increase: 1.59%
• 7-day increase: 6.16%
• 30-day increase: 5.27%
• Current price: $3,188.91
• Market cap rank: #2, with a market cap of $38.489 billion

The sustained rise over the past month has provided these deeply trapped institutions with an opportunity to unwind.

What Does This Mean

Confirmation of Bottom Support

Both institutions built their large long positions at relatively high levels (around $3,147–$3,186). Their ability to hold and eventually unwind indicates confidence in ETH’s medium- to long-term prospects. More importantly, the market has not further broken below their cost basis, suggesting that ETH’s bottom support remains relatively solid.

Reflection of Institutional Confidence

Persisting through unrealized losses of $141 million demonstrates a vote of confidence in ETH’s fundamentals. Their unwinding may further stabilize market expectations and attract more capital participation.

Personal Perspective

From on-chain data, the unwinding of large institutional positions often signals a market rebound. The transition from significant losses to unrealized gains for these two institutions hints that ETH may be establishing a new upward channel. However, it remains to be seen whether these institutions will take profits or add more positions at the current unrealized profit level, which will influence the subsequent market trend.

Summary

ETH’s rebound in early 2026 has been strong enough for major institutional investors, previously deeply trapped, to unwind their positions successfully. The two institutions have turned a combined unrealized loss of $150 million into unrealized profit, reflecting both the strength of this rebound and the stability of market support at the bottom. Moving forward, it is important to watch whether these institutions will realize profits or continue to increase their holdings, as this will be a key indicator of ETH’s future trajectory.