Gate on-chain observation ( on September 2, ): ETH Whale repositioning intensifies; WLFI capital game escalates.

In the past 24 hours, on-chain data shows that the ETH market has become the main battleground for funds, with Whales frequently switching between long positions stop loss, short positions increase the position, and large stakes, indicating a complex short-term sentiment. The BTC market is quietly active, with some funds shifting from BTC to ETH. There are signs of substantial transfers of SOL into the exchange from Galaxy Digital, and potential selling pressure should be monitored. Hot Tokens like WLFI and XPL have experienced significant fluctuations, and the Whale games continue to escalate. Overall, the market's fluctuation risk has significantly increased during this period of dense macro events, and institutional fund operations are worth close attention.

ETH Market Dynamics

1. A Whale that has made a profit by shorting BTC four times in a row has shifted to ETH short positions, opening 25x leverage on Hyperliquid, holding a position of 500 ETH (2.2 million USD), with an opening price of 4,391.6 USD.

2. Address 0x4ED0 Whale purchased 5,553 ETH (24.44 million USD), accumulating a total purchase of 18,447 ETH (81.5 million USD) since August, and lent out 114.2 million USDT on Aave.

3. ETH Whale increased the position by 3,000 ETH (13.03 million USD), with a historical yield of 52.3%.

4. The hacker sold 8,960 ETH after laundering coins through Tornado.Cash, obtaining 39.26 million DAI.

5. Whale investors set a stop loss for 41,931 ETH ($179 million), with total losses exceeding $30 million.

6. The new address has withdrawn 3,601 ETH from mainstream CEX and started to stake, indicating a medium to long-term layout intention.

Analysis: The ETH market is the most active in trading, with Whale behavior showing a divergence between long positions and short positions, leading to strong short-term fluctuations. Large increases in positions and stake activities release signals of long-term bullishness, but high leverage and speculative operations exacerbate risks.

BTC Market Dynamics

Whale 0xFf15 sold 425 BTC (46.5 million USD), funds shifted to ETH.

Analysis: The BTC market fluctuation is relatively weak, and the Whale's reallocation indicates that the short-term BTC trend is leaning towards consolidation or a slight pullback, with ETH becoming the focus of attention.

WLFI Market Dynamics

1. 80% of the top ten holders of WLFI have taken profits, with the top holder still holding 230 million USD in WLFI.

2. The participants of the pre-sale are集中将 1.6亿枚WLFI存入主流CEX, unlocking pressure increases.

3. Andrew Tate's leveraged long position on WLFI was liquidated, and after losing $67,000, he continued to increase the position.

4. TechnoRevenant holds WLFI worth $245 million, profiting 8 times.

5. Jump and DWF will distribute market-making tokens to multiple CEXs, increasing liquidity.

Analysis: The high concentration of WLFI and large unlocks drive fluctuations, with strong speculative sentiment in the market, leading to higher short-term risks.

SOL Market Dynamics

Galaxy Digital deposited 500,000 SOL ($103 million) to Coinbase, indicating a clear fund management strategy.

Analysis: The SOL market is strongly controlled by institutions, with low influence from retail investors, resulting in higher price stability.

XPL Market Dynamics

TechnoRevenant shifted to WLFI after profiting $38 million from XPL, showing a clear trend of fund migration.

Analysis: XPL heat is declining, main capital is withdrawing, and short-term fluctuations are easing.

Other Fund Movements

1. Hyperliquid experienced large deposits and withdrawals. The last similar situation occurred from the end of July to the beginning of August, when BTC fluctuated significantly.

2. A Whale deposited 10.19 million USDC into Hyperliquid to short WLFI, intensifying the market's long and short positions counteraction.

Analysis: Hyperliquid has become a centralized platform for leveraged trading, with market fluctuation increasing as leverage usage rises.

Market Overview and Trend Analysis

At the end of August to early September, the on-chain funds' long and short confrontation intensified, with whale and institutional behaviors accelerating the capital rotation rhythm. ETH became the focus asset, with high leverage concentration and obvious short-term fluctuation risk; the capital outflow from BTC stabilized its price trend; WLFI exhibited high-risk high-return characteristics against the backdrop of high unlocking and concentrated holdings. The differentiation between mainstream and emerging tokens like SOL and XPL is evident, with institutional capital's long-term influence on the market becoming apparent.

Trend Analysis:

1. Short-term fluctuation risk: High leverage and concentrated trading drive market volatility, with ETH and WLFI being the main sources of risk.
2. Medium to long-term bullish: Institutions continue to increase the position in ETH and SOL and are staking, indicating a long-term bullish outlook on core assets.
3. Capital rotation accelerates: Funds are shifting from BTC and XPL to high-demand assets such as ETH and WLFI. Investors need to closely follow the flow.
4. Market Structure Changes: The liquidity changes of Hyperliquid and CEX will directly affect the price fluctuation patterns.
5. Retail Risk Rising: Highly centralized assets are not friendly to retail investors, and the speculative atmosphere is strong; caution is needed when chasing highs.