According to recent on-chain data, Ethereum whales are showing significant divergence and strategic adjustments. The Hyperunit Whale account's ETH long positions are nearing $70 million in unrealized gains, with a total holding cost of approximately $636 million, indicating a phased market confidence rebound in ETH. Meanwhile, the anonymous whale "0x46DB" has been increasing its ETH holdings since December 2025, accumulating a total of 51,374 ETH (worth $160 million) at an average cost of $3,110, creating a subtle game with the current price of $3,100. Notably, some whales are choosing arbitrage and repositioning, such as an address exchanging 21,973 ETH for WBTC, valued at $68.9 million, reflecting cross-asset allocation needs. Currently, long positions account for 70% of the ETH derivatives market, with an estimated leverage ratio of 0.611 reaching a new all-time high, indicating that high leverage betting is intensifying price volatility risks. Despite short-term liquidation pressures, the whales' continued accumulation behavior may signal a medium- to long-term bullish outlook.