Two major institutional investors, Trend Research and the so-called "$230 million whale," have successfully turned their long Ethereum (ETH) positions into unrealized profits as the cryptocurrency's price reached $3,200. The whale, who opened long positions in 203,000 ETH through Hyperliquid at an average cost of $3,147, now holds an unrealized profit of approximately $14 million. Meanwhile, Trend Research leveraged Aave to purchase 626,000 ETH at an average cost of $3,186, resulting in an unrealized profit of about $8.77 million. Previously, both investors faced significant unrealized losses, with the whale and Trend Research experiencing losses of up to $74 million and $141 million, respectively. The recent price surge has allowed them to recover and profit from their strategic positions in the market.