Amid the turbulent waves of market crashes, the behavior of Ethereum whales exhibits dramatic polarization, revealing the deep game being played in the market. On one hand, highly leveraged longs suffer heavy losses. On-chain monitoring shows that as ETH price "spiked" to around $2,639, two whale addresses were liquidated successively, with a total amount of up to $146 million, accounting for 8.4% of the total liquidation value across the network in the past 24 hours. Among them, a single ETH long position on the Hyperliquid platform was liquidated for $65.14 million. This indicates that even whales are vulnerable in extreme market conditions and high leverage scenarios. On the other hand, some early "believers" demonstrate a completely different long-term resolve. Recently, a whale address that had been dormant for nearly 9 years transferred 50,000 ETH (worth about $145 million), but the market interpreted this as a position adjustment rather than a full liquidation, as the address still holds 85,000 ETH in large positions. This pattern of "partial cash-out and long-term retention," along with fundamental data such as record-breaking daily active addresses, constitutes another calm note amid market panic.