Ethereum’s break above the $4,000 mark has triggered a wave of repositioning by some of the market’s best-known large holders, according to on-chain data analysed over the weekend. The moves range from early investors cashing out to leveraged traders scrambling to defend losing short positions. ShapeShift founder Erik Voorhees, who accumulated ETH in 2016 when it traded below $8, sold 6,581 coins for roughly $27.3 million at an average price of $4,161. He retains about 556 ETH worth $2.3 million, signalling only a partial exit after a gain of more than 53,000 %. Other whales are racing in the opposite direction. Address 0x3c9E repurchased 38,582 ETH at around $4,010 after dumping the same amount a week earlier for $3,548, turning a paper loss into a costlier re-entry. Former BitMEX chief Arthur Hayes also sold 2,373 ETH at roughly $3,507 last week but has since moved $10.5 million in USDC on-chain, suggesting plans to buy back at higher levels. Rising prices are punishing bearish bets. London-based Abraxas Capital’s two trading accounts now sit on about $190 million in unrealised losses after shorting ETH, BTC, SOL, HYPE and SUI, including 113,819 ETH shorts down some $144 million. Separately, wallet 0x8c58 added $8.6 million USDC in collateral to stave off liquidation on an ETH short opened at $2,969, lifting its cumulative loss to about $20 million. Activity has spilled into other large-capitalisation tokens. Galaxy Digital transferred 224,000 SOL—worth roughly $41 million—to Binance and Coinbase, while unidentified wallets shuffled more than 2 million SOL (about $400 million) in a series of transfers. On Ethereum itself, another investor has withdrawn nearly 11,000 ETH for staking since June, locking in a paper profit of $13.5 million. The cluster of transactions underscores how the latest rally is redistributing risk across both spot and derivatives markets.