I just reviewed the on-chain movements and see that the whales are quite active while ETH is struggling below $2,700. So what’s happening is interesting: one of the biggest whales liquidated nearly $177 million in long positions, losing about $48 million in the process. It was left with only $66 million in long positions, so it’s clearly being more cautious. What caught my attention is that another major whale closed a $1.584 million loss position, but instead of disappearing from the market, it re-entered with full force: leveraged 25x with 700 ETH at an average of $2,727. That’s quite aggressive considering the current volatility. Meanwhile, some whales are making good gains: 'pension-usdt.eth' closed all their 3x short positions in ETH and took profits of around $2.7 million. The situation is tense with geopolitical movements, but clearly the big players see opportunities here. ETH is at $2.40K now, so these whale movements remain relevant for understanding where the market might go.