Whale Opens $13 Million ETH Long Position Amid Grayscale ETF Options Push

A major whale opened a $13 million long position in Ethereum at an average price of $3,136, reflecting continued bullish sentiment despite recent price declines. The move comes as Grayscale Investments seeks to enable options trading on its CoinDesk Crypto 5 ETF (GDLC), which tracks a basket of Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), and Cardano (ADA). The ETF currently holds 75.20% in BTC, 15.69% in ETH, and smaller allocations in the remaining assets.

The NYSE American filed with the U.S. SEC to list and trade options on the ETF, aligning it with existing options frameworks for physically settled, American-style contracts. This development is expected to increase competition for order flow and improve risk management tools for investors.

Ethereum ETFs have seen mixed flows in early 2026, with recent data showing net outflows of 58,467 ETH in a single day. The broader crypto market has been affected by U.S. jobs data jitters and ETF redemption trends.

Why the Move Happened

The whale's large ETH position suggests confidence in Ethereum's long-term fundamentals despite near-term volatility. Grayscale's push for options trading is part of a broader industry trend to bring more institutional-grade tools to crypto markets. Analysts see the move as a step toward mainstream adoption by enhancing liquidity and hedging options for investors.

The ETF's options trading will mirror frameworks used by traditional commodity ETFs, such as SPDR Gold Trust. This approach reflects a regulatory shift classifying crypto assets as commodities, which could ease further market integration.

How Markets Responded

Ethereum prices have fluctuated within a $3,052 to $3,190 range recently, with key support levels being closely watched. The price dropped to a 24-hour low of $3,052 before stabilizing.

Grayscale's ETF approval under Generic Listing standards in September 2025 marked a milestone in U.S. crypto regulation. The approval provided the first multi-asset crypto ETF in the U.S. and opened the door for options trading as a next step.

Meanwhile, Ethereum ETFs have seen outflows shift sentiment toward smaller crypto projects like Remittix (RTX). This rotation reflects a broader trend of investors seeking alternative exposure amid Ethereum's recent underperformance.

What Analysts Are Watching

Analysts are monitoring Ethereum's ability to hold key support levels as well as ETF inflow trends. A recovery above $3,126 could signal renewed bullish momentum, while a break below $3,081 could trigger deeper corrections.

Upcoming upgrades like the Glamsterdam and Hegota hard forks are also in focus. These upgrades aim to improve fairness, security, and scalability in Ethereum's network.

Investor behavior will likely shift again if Ethereum ETF flows stabilize, with potential rebounds expected if institutional inflows resume. Until then, selective rotations into utility-driven tokens like RTX are likely to continue.

ETF inflows have also seen a resurgence after months of outflows, with spot Ethereum ETFs adding $358 million in inflows recently. This trend could indicate a shift in institutional confidence and broader adoption.

Analysts are also keeping a close eye on macroeconomic factors, including U.S. Federal Reserve interest rate decisions and the potential passage of the CLARITY Act. These developments could impact investor sentiment across all asset classes.