Ethereum’s Derivatives Surge Signals Bullish Reversal as Infini Exploiter Returns to the Fray

Ethereum is back in the market’s crosshairs, but this time the setup is less about meme-driven euphoria and more about cold, hard derivatives data. After clawing back the $2,000 mark, Ethereum is flashing signs of renewed strength, with the derivatives market lighting up like a Christmas tree. The real kicker? A notorious Infini exploit wallet just spent $13.32 million to scoop up ETH during the latest dip, sending funds through Tornado Cash and reigniting speculation about whale accumulation (crypto.news, Feb 9, 2026).

This isn’t your garden-variety bounce. Data from U.Today (Feb 9) describes the mood as “extreme positive”, open interest in ETH futures is up 18% week-on-week, funding rates have flipped bullish, and options skew is now decisively call-heavy. The spot price is holding above $2,000, while liquidations across the crypto complex hit $396.22 million in the last 24 hours (Benzinga, Feb 9). Bitcoin ETFs saw $371.15 million in net inflows on Friday, but the real action is in the altcoin trenches, where Ethereum’s supply on exchanges is plumbing multi-year lows.

The context here is critical. Ethereum has spent the last six months as crypto’s punching bag, underperforming Bitcoin and losing the narrative to upstart L2s and AI tokens. But the tide is shifting. The return of mega-whale activity, coupled with derivatives positioning, suggests that the market is betting on a bullish reversal. Even as Chainlink and other majors track lower, Ethereum is quietly building a base. The Infini wallet’s move is not just a flex, it’s a signal that deep-pocketed players see value at these levels.

Zooming out, the macro backdrop is a weird mix of risk-off jitters and selective risk-on bets. Bitcoin is stuck below $69,000, but the ETF flows are providing a backstop. Meanwhile, altcoins are getting whipsawed by whale activity and regulatory probes (see the WLFI/Trump DeFi saga). The broader crypto market is still digesting nearly $400 million in liquidations, but Ethereum’s resilience stands out. The supply crunch is real, and the derivatives market is telegraphing more upside.

The narrative that Ethereum is “dead money” is looking tired. Yes, the protocol wars are far from over, and yes, ETH has lagged. But the technicals are improving, and the on-chain data is hard to ignore. Exchange balances are at a ten-year low, and the options market is pricing in a 15% move over the next month. If the Infini whale is front-running a bigger move, retail and institutional traders may be forced to chase.

Strykr Watch

Technically, Ethereum is at a pivotal juncture. The $2,000 level is the battleground, hold above, and the path to $2,250 opens up quickly. The 50-day moving average is rising, and RSI is back above 55, signaling renewed momentum. Open interest in ETH futures is surging, and funding rates are positive, indicating that leveraged longs are back in control. The options market is skewed to calls, with the $2,400 strike seeing the most activity.

On-chain, the supply crunch is intensifying. Exchange balances are at their lowest since 2016, and whale wallets (including the Infini exploiter) are accumulating. If spot price can clear $2,100, expect a wave of short covering. The key risk is a break below $1,950, which could trigger a cascade of liquidations and invalidate the bullish setup.

The bear case is that this is just another dead-cat bounce, fueled by whale games and derivatives froth. If macro risk-off accelerates, or if a regulatory headline hits, Ethereum could quickly lose its footing. Watch for a spike in exchange inflows as a sign that whales are preparing to dump.

The opportunity is in playing the volatility. If you’re nimble, long ETH with tight stops below $1,950 offers a compelling risk-reward. For the options crowd, call spreads targeting $2,250, $2,400 are in play. Don’t sleep on the Infini whale, when smart money moves, the rest of the market usually follows.

Strykr Take

Ethereum is quietly staging a comeback, and the derivatives market is the tell. Ignore the noise, watch the flows, and respect the whales. This is a dip worth buying, just don’t blink if volatility spikes.