Ethereum holds $2K as whale opens $200M long, but on-chain losses test ETH bull case

Ethereum has traded sideways around the $2,000 level after a 50% drop from its mid-January high, while an Arkham-tracked whale holds a $200 million ETH long. Despite this leveraged bet, unrealized profits for large holders have turned negative and weak spot demand leaves open the risk that $2,000 becomes a bull trap rather than a durable support.