[Gate on-chain Daily Report] Bitcoin Whale closes all positions, ETH stake wave arrives (August 25, 2025)

In the past 24 hours, on-chain Whale capital has remained active, with BTC selling pressure and ETH leveraged positions becoming the focal points of market attention. Multiple large-scale dumping and position swapping operations have directly driven significant market fluctuations, with tokens such as SOL and LINK also receiving capital allocation. Below is the latest on-chain capital movements and market analysis as of August 25.

Data time range: 1 AM today - time of publication

Bitcoin (BTC)

• Ancient Whale Continuous Selling：
  • Sold a total of 18,142 BTC in the past four days, worth approximately 2.04 billion USD;
  • Currently selling the last 5,968 BTC (worth $670 million), of which 4,968 have not yet entered the market;
  • The entity still holds 67,118 BTC (approximately $7.62 billion) on-chain.
• Institutional Actions:
  • BlackRock deposited 1,703 BTC (approximately 190 million USD) into mainstream CEX.

Market Analysis: The switching behavior of BTC whales has become the main source of market selling pressure, with significant price fluctuations; institutional funds are steadily entering the market, but have not yet been able to hedge against the pressure brought by whale selling.

Ethereum (ETH)

• Whale Asset Swap and Staking：
  • Whales have accumulated 416,598 ETH (approximately 1.98 billion USD);
  • Perpetual contract long position 135,263 ETH (approximately 640 million USD);
  • Total ETH exposure 551,861 ETH, valued at approximately $2.62 billion;
  • 275,500 ETH has been staked, worth approximately 1.3 billion dollars.
• Leverage and Liquidation Risks:
  • "$125,000 rolling position long ETH" Whale position has been forced to reduce multiple times, and the current floating profit has dropped from $5.5 million to $1.13 million;
  • Currently holding 14,600 ETH long positions (approximately $67.7 million), with the liquidation price less than $50 away from the current price, posing extremely high risk.
  • Multiple whales are frequently making fluctuations around $4,700, as this morning a whale bought 2,123 ETH at $4,710 and placed a limit sell order at $4,800.
• Fluctuation Arbitrage and Institutional Profit：
  • A certain Whale previously exchanged $98.33 million USDT for ETH and today liquidated for a profit of $51.70 million.
• Another whale made a short-term arbitrage of $2.04 million, currently holding $46.13 million in stablecoins.

Market Analysis: The capital game dominated by ETH is intense, with leveraged long positions concentrated on the edge of liquidation. Short-term fluctuations may further amplify; in the long term, Whale staking and asset swapping show confidence in the ETH ecosystem, but there is significant short-term market pressure.

Solana (SOL)

• Large Staking:
  • Create a new wallet to withdraw 80,254 SOL (approximately 16.28 million USD) and stake.
  • Alameda's staking address holds 4,737,092 SOL (approximately $953 million), and the FTX liquidator's wallet holds 255,076 SOL (approximately $51.27 million).

Market Analysis: The large on-chain staking of SOL continues, showing confidence in long-term holdings; however, the FTX liquidation funds remain a potential selling pressure point, and investors need to be wary of the risk of fund unlocking.

Other Token Dynamics

• AERO: Whale sold 2.038 million AERO for 2.89 million USDC, profiting $1.04 million.
• TRX：
  • TNQsyU address purchased 13.73 million TRX (approximately $5.02 million).
  • Smart Money address increased holdings by 1.414 million TRX (approximately $500,000).
• LINK: An established whale appears, increasing their holdings by 663,000 LINK (approximately $16.85 million).
• YGG: Officially repurchased 5.87 million YGG, with an average price of $0.17, investing approximately $1 million.
• VIRTUAL: Whale spent 785 ETH (approximately $3.76 million) to buy 2.94 million VIRTUAL.
• HYPE: Whales have accumulated 96,976 HYPE over the past 5 days (approximately $4.26 million).
• XPL: Whales have opened leveraged long positions on HyperLiquid, with a total position size exceeding $17 million, and some positions are showing significant unrealized losses.

Market Analysis: Some Tokens have active funding, especially TRX, LINK, and YGG, which are receiving attention from Whales, resulting in high short-term Fluctuation; XPL's leveraged positions are concentrated, which may become the next Fluctuation amplifier.

Overall Market Interpretation

• The continuous dumping by BTC whales is the main reason for the market decline in the past 24 hours. The high concentration of ETH leverage may further amplify short-term fluctuations;
• In terms of capital structure, Whales have shifted their positions to ETH and staked a large amount, indicating that institutions are optimistic about the long-term value of ETH;
• The SOL ecosystem's capital staking actions are frequent, with a sound long-term logic, but the residual funds from FTX remain a potential negative factor;
• In terms of altcoins, tokens such as TRX and LINK are gaining follow, while some new projects (like XPL and VIRTUAL) exhibit high-risk, high-reward characteristics.