ETH has reached the $3,200 mark. What does this mean? The big whales and institutions that were aggressively bullish on ETH a while ago have finally been able to unwind their positions.

Speaking of which, we have to mention this major account — through a leading leveraged trading platform, they opened a long position of 203,000 ETH, totaling $647 million, with an average cost basis of $3,147. During the previous bearish market, this position was once floating with a loss of up to $7,400. Now, as ETH breaks through $3,200, the overall position has shifted from deep loss to profit.

A similar story is repeating with Trend Research. These institutions and whales made decisive moves at critical points, enduring a period of paper losses, but ultimately betting on the right direction. The data is clear: cost basis, position size, floating loss percentage are all etched in their minds. Looking back now, every step seems to be on the path to breaking even.