ETH recently surged to the $3,200 mark. Interestingly, those high-profile whales and institutions that were bullish earlier have finally been able to unwind their positions.

Let's start with the whale who opened a long position through a major perpetual trading platform. This guy was really aggressive—buying 203,000 ETH in one go, investing $647 million, with an average cost basis around $3,147. During the worst times earlier, he was floating a loss of $74 million, but now he's sitting on a floating profit of $14 million. From loss to profit, a turnaround is just around the corner.

Another player is Trend Research, an institution that used leverage. They secured a position of 626,000 ETH through a lending protocol, totaling $2 billion, with an average price around $3,186. The volatility of this position was even more intense—at its peak, floating loss was $141 million, but now they've recovered to a floating profit of $8.77 million.

The common point between these two is their persistence and good luck. They positioned themselves at high levels, once facing huge floating losses, but with this wave of ETH's rise, they finally saw the light. This also shows that in the crypto market, large capital holdings often reflect some deeper market expectations.