Another whale has heavily bet on ETH, and this time it’s a big play.

On-chain monitoring shows that the wallet address pension-usdt.eth recently opened a massive position: going 2x long on 20,000 ETH at $3,040.92. The total position is worth nearly $60.93 million, with a liquidation price set at $1,190.66.

This move sends several signals.

First, the position size—20,000 ETH with 2x leverage is far from a trial run. This is real, substantial capital. For most institutions, this would be considered a heavy allocation.

Next, the liquidation price. At $1,190, ETH would have to plunge 60% for this position to be liquidated. That’s quite a safety cushion. Clearly, this isn’t a short-term speculative trade—it’s more of a bet on the mid-to-long-term trend. The whale is willing to withstand a massive drawdown and wait for ETH to rise gradually.

Lastly, the strategy. With such a large position and such a low liquidation price, it’s unlikely there will be frequent rebalancing. This long position is probably a “strategic holding” in the account, not meant for short-term swing trading.

In short, the whale is going all-in on ETH at the $3,000 level. Either they’re extremely bullish on the market outlook, or they have so much capital that they can afford to take big risks.