Ethereum News Today: Ethereum Whale's $44M Long Bets on Fusako Upgrade's Potential

Ethereum's volatile market dynamics took an intriguing turn as a major whale re-entered the fray with a $44 million long position, signaling cautious optimism amid a broader sector struggling to find stability. The trader, known on-chain as "1011short," deposited $10 million in USDC into Hyperliquid to open a 5x leveraged position, backing 15,000 ETH at an entry price of $2,945.83 per token according to the report. This move, one of the whale's largest recent trades, comes as Ethereum hovers near $2,896, leaving the position with an unrealized loss of over $38,000 but offering a buffer with a liquidation level set at $2,326.6 according to the report.

The whale's re-entry aligns with broader market signals.

Ethereum's price rebounded over 5% to $2,922 on November 24, 2025, following a sharp decline in the prior week. The recovery, however, remains fragile, with the asset facing pressure near the $3,000 psychological level. Analysts attribute the bounce to institutional activity, including BitMine's strategic shift to stake its 3.6 million ETH treasury via the Made in America Validator Network (MAVAN) in 2026. BitMine, the largest Ethereum holder globally, has positioned itself to capitalize on staking rewards, a move that could stabilize its cost basis amid market fluctuations.

The whale's actions also coincide with Ethereum's upcoming Fusako upgrade, scheduled for December 3, 2025. The upgrade aims to enhance token value capture and improve execution and staking efficiency, potentially boosting market confidence. While the upgrade has not yet translated into sustained price gains, its implementation could provide a catalyst for long-term holders. Meanwhile, Ethereum's investment products faced $589 million in net outflows last week, with U.S. spot ETFs contributing $500.2 million to the exodus.

The whale's return contrasts with recent institutional caution in the Ethereum space. Chinese crypto heavyweights, including Huobi founder Leon Li Lin and HashKey Group's Xiao Feng, recently shelved a $1 billion Ethereum Digital Asset Treasury (DAT) initiative amid market downturns. The project, which had secured $110 million in commitments, was suspended to avoid investor losses as Ethereum prices plunged below $3,000. Similarly, Sharplink Gaming, the second-largest ETH holder, has faced scrutiny after transferring 5,442 ETH to Galaxy Digital, raising speculation about potential rebalancing or OTC sales.

Despite these headwinds, the whale's leveraged position suggests a belief in Ethereum's asymmetric risk/reward profile. The asset's 20-day EMA at $3,100 remains a critical resistance level, while a breakdown below $2,850 could trigger further declines. On-chain data also highlights renewed activity among mid-sized Bitcoin whale wallets, with holdings of at least 100 BTC rising for the first time in over two years. While Bitcoin's performance has not directly influenced Ethereum's trajectory, the broader market's stabilization has lifted altcoins like Solana and XRP.

The whale's move underscores the delicate balance between institutional optimism and market fragility. As Ethereum navigates its Fusako upgrade and sector-wide uncertainty, the actions of large players will likely shape near-term sentiment. For now, the $2,850 support level and the success of BitMine's staking strategy will be key indicators of whether the market can sustain its tentative rebound.

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