Ethereum Surges Past $3,200, Turning Trend Research and $230M Whale Long Positions Profitable

On January 5, Ethereum surged above $3,200, pushing two major ETH long positions into profit, according to Ember data. A so-called $230M long whale flipped a 210,000 ETH ($647 million) position on Hyperliquid from a $74 million unrealized loss to a $14 million gain, after entering at $3,147. Meanwhile, Trend Research, which accumulated 626,000 ETH via leveraged borrowing on Aave at an average cost of $3,186, saw its position swing from a $141 million loss to a $8.77 million unrealized profit.