A major Ethereum (BTC) whale holding approximately $635 million in leveraged positions is approaching breakeven after recent market recovery.

Blockchain analytics firm Arkham Intelligence tracked the position Friday, identifying the trader as the "Hyperunit whale."

The account recovered nearly $70 million from its lowest point, according to Arkham's analysis.

Ethereum traded slightly above $3,000 on Saturday morning, maintaining support above the $2,500 level that analysts view as critical.

What Happened

Arkham Intelligence posted about the position on X, describing it as nearly breaking even after extended losses.

The firm linked the Hyperunit whale to trader Garrett Jin through a single transfer, though it provided no additional context.

The whale became known for converting $5 billion from Bitcoin (BTC) into Ethereum between August and October 2025.

The trader also profited $200 million by shorting Bitcoin ahead of the October tariff-induced market crash.

Crypto analyst BitBull posted technical analysis showing Ethereum forming an inverse head-and-shoulders pattern.

The pattern shows a potential reversal setup if ETH breaks above overhead resistance.

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Why It Matters

The Hyperunit whale's positions have historically coincided with significant market movements.

The trader's large-scale cryptocurrency rotations and leveraged positions attract attention from institutional observers.

Ethereum gained 1.9% on Friday to $3,033, recovering from December's decline below $3,000.

The $2,500 support level has held through multiple tests, maintaining the higher-low structure analysts require for bullish continuation.

Breaking above the rising neckline resistance near $3,300-$3,500 would confirm the reversal pattern.

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