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- Whales opened $426M in new ETH long positions near the $3,000 level.
- Ethereum leads $4.9B in tokenized U.S. Treasurys amid 229% RWA market growth.
- Breakout above $3,250–$3,550 could target $4,020 in the short term.
Ethereum is entering a new phase of market conviction as large holders place hundreds of millions of dollars in leveraged long positions, while institutional demand for tokenized real-world assets (RWAs) accelerates across the network. Together, these trends signal renewed confidence in Ethereum’s medium-term upside, even as macro uncertainty and resistance levels continue to shape the path ahead.
ETH traded near $3,140, up more than 20% from late-November lows, after whales opened 136,433 ETH in fresh long bets worth $425.98 million. The buying spree coincides with a broader revival in on-chain real-world asset activity, led by tokenized U.S. Treasurys on Ethereum — now one of the asset class’s most important growth engines heading into 2026.
Whales Open $426M in ETH Longs as Market Eyes $4,000 Breakout
On-chain data shows at least four high-profile “smart money” addresses significantly increasing their exposure as ETH reclaimed the $3,000 threshold.
- BitcoinOG (1011short): $169M long
- Anti-CZ: $194M long
- pension-usdt.eth: $62.5M long
- 0xBADBB (two accounts): $189.5M combined long exposure
The coordinated positioning echoes a broader institutional bid. BitMine, the largest corporate ETH holder, added another $199M in Ether last week, lifting its portfolio to 3.73 million ETH (≈$13.3B).
The whale activity aligns with a bullish technical backdrop. ETH’s daily chart shows a classic ascending triangle, with a breakout level near $3,250 and a measured move pointing to a $4,020 target, roughly 28% above current levels.
Momentum has also improved: the RSI recovered from oversold conditions (28) to a neutral 50, reinforcing a shift toward accumulation after weeks of compression.
Still, ETH faces a dense resistance cluster between $3,350 and $3,550, where the 50-day and 100-day SMAs converge. A decisive close above that zone, and later the 200-day SMA near $3,800, would confirm the breakout narrative.
Tokenized Treasurys Surge 229% as Ethereum Dominates RWA Market
While traders focus on the $4,000 chart structure, Ethereum’s fundamental story increasingly revolves around the explosive adoption of tokenized real-world assets.
CoinShares’ 2026 Digital Asset Outlook shows:
- Tokenized Treasurys climbed from $3.91B → $8.68B in 2025
- Tokenized private credit nearly doubled from $9.85B → $18.58B
- The broader tokenized RWA market grew 229% year-over-year
Ethereum remains the dominant settlement layer for RWAs, hosting $4.9B in tokenized U.S. Treasurys — more than all other L1 networks combined.
CoinShares analysts argue that investors increasingly prefer tokenized Treasurys over stablecoins when yield is attractive and risk remains minimal. This shift reflects a broader institutional embrace of blockchain-based debt instruments, with settlement, issuance, and distribution occurring directly on-chain.
CEO Jean-Marie Mognetti said the industry is now embedded within the traditional economy rather than sitting adjacent to it. After a “graceful return” in 2025, he expects 2026 to be defined by consolidation and real-economy integration.
ETH Positions for Its Most Important Dual Narrative Yet
Ethereum enters 2026 balancing two powerful forces:
- Strong speculative positioning signaling trader conviction in a move toward $4,000
- Structural adoption growth driven by tokenized Treasurys, private credit, and institutional settlement flows
Whales are clearly positioning ahead of key macro events — including the expected Federal Reserve rate cut — while RWAs offer a longer-term, yield-driven catalyst that could reshape Ethereum’s valuation framework.
If the network maintains its lead in tokenized U.S. government debt while breaking through key technical resistance, ETH could be approaching one of its most consequential inflection points since the post-Merge rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
