On-chain data tracking has identified an interesting signal — the well-known whale account pension-usdt.eth has recently executed a clear operational logic: first closed out all Ethereum short positions, then immediately established a large 3x leveraged ETH long position.

This new long position has a scale of $12.63 million, with an average entry price of $3,097.07, and the current mark price is $3,099.9 — what information does this swift change of stance reveal? It's evident that this major trader has shifted from bearish to bullish on Ethereum's short-term price action. Not only did they reverse direction, but they also employed leverage for position sizing, indicating the conviction behind this bet is substantial.

Position changes by large capital players like this often reflect real judgments by market participants about price movements. While we shouldn't blindly follow, monitoring the dynamics of whale accounts like this does help us understand the flow logic of large capital and shifts in market sentiment. It's worth continuing to observe how this long position develops in the coming period.