Ethereum whales are making substantial bets on the price recovery of Ether, pouring over $100 million into long positions despite heightened geopolitical tensions in the Middle East. One notable whale opened a long position exceeding $101 million with an entry price of $2,247, although they incurred over $2.5 million in funding fees. The bet came shortly before another whale withdrew $40 million in ETH from Binance. As Ether dropped to a month-low of $2,113 following US airstrikes on Iran, many traders are opting for short positions, reflecting a general market caution. Approximately 64% of cryptocurrency traders are currently shorting the two largest cryptocurrencies, Bitcoin and Ether, amidst ongoing uncertainty in the market due to various geopolitical influences. Investors are generally sidelined, reflecting their wait-and-see approach due to various macroeconomic factors, as analysts suggest the market may still be poised for a potential correction depending on how quickly geopolitical tensions subside.

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