Ethereum's derivatives market is experiencing increased volatility, driven by intensified whale activity and leverage reaching 10x. A significant short position resulted in a $2.49 million loss for one whale, while another secured $1.055 million in profits. Chain data indicates rising risks in leveraged trading, affecting both institutional and retail investors. HyperLiquid data reveals mixed outcomes for large ETH positions, with some facing substantial unrealized losses. The recent Ethereum upgrade and the entry of traditional financial entities like BPCE into the crypto space are influencing market dynamics.