Ethereum’s latest price action has been messy, but the damage is smaller than the headline liquidation number suggests. CoinGlass data shows nearly $300 million in long positions were wiped out over the past 48 hours. In October, a move below $2,500 liquidated almost $500 million and triggered a 7% correction. This time, ETH lost just over 1% after the same scale of long liquidations. Selling pressure looks contained for now. That gives some support to Tom Lee’s view that Ethereum is close to a bottom, though it is not proof.
A high-risk long trade
A trader who claims a perfect win rate has opened another long on Ethereum. The position is 20,277 ETH with 25x leverage, worth about $45.3 million. It has already shown $252,000 in profit. The trader’s previous 10 trades were all profitable, with $6.32 million in realized gains, according to the post. That record is notable, but it is also a leveraged bet. A 25x position can be wiped out by a small move against it. Still, the trade suggests at least one large player is positioning for a recovery the wider market has not priced in.
Staking and ETF demand weaken
The bottom call still faces resistance. Staking demand is weaker. ValidatorQueue shows about 1,036,882 ETH, over $2.3 billion, waiting to enter the Ethereum mainnet validator queue. Six months ago, that figure was 3,737,802 ETH. Fewer holders seem willing to lock tokens for staking rewards.
Institutional flows are not helping either. Ethereum ETFs have seen five straight weeks of outflows. November has already recorded $270 million in net outflows in less than a week. If the pace continues, it could pass October’s $1.6 billion. That would add pressure to ETH and make a bottom harder to defend.
Downside risk remains
Long positions are building even as technicals fade. A large long-liquidation cluster sits below $2,200. If sentiment stays weak, ETH could sweep that liquidity and fall under $2,000 before any reversal. That does not mean Lee is wrong. It means his call may need more time and perhaps another round of selling before the market gives it stronger support. For now, the $45 million whale bet is a sign of confidence, not a guarantee.
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