Gate on-chain observation (, September 16, ): Whale hoarding 86,000 ETH made profits from first sale; $4 million AVNT Airdrop suspected Sybil Attack.

On September 16, on-chain data from the past 24 hours shows a significant increase in ETH funding activity, with both Whale sell-offs and OG Address cashing out, as well as multiple institutions and newly created Wallets continuing to buy; for SOL, there are both Whale unstaking cash outs and large amounts of go long funds getting on board; PUMP, HYPE and other zones have become the main battleground for high-leverage confrontations, with some Whales and traders profiting significantly, while short positions are facing unrealized losses. The following are key on-chain dynamics:

BTC Market Dynamics

• Address 0xa523 Whale reduces position in BTC by 168.78 units, current position value is approximately 68.795 million USD, unrealized losses are about 1.14 million USD; liquidation price is 116.7 thousand USD, distance to liquidation is 0.81%. This address has accumulated losses of 44.45 million USD in the past month, total position is approximately 68.84 million USD.

• Whale trader General Gordon James opened a $145 million long position on Hyperliquid, with the largest BTC long position reaching $90 million, opening price at $113,849, and liquidation price at $109,014.

Analysis: The BTC market is showing a hedging pattern between short positions and long positions. High-leverage short positions continue to experience unrealized losses, while whale-level long positions have significantly entered the market, indicating a clear increase in short-term volatility risk.

ETH Market Dynamics

• An ETH OG Address from 2017 charged 2,200 ETH to CEX (9.92 million USD), if sold it would profit 9.518 million USD. Since the beginning of this year, the address has accumulated a total of 8,310 ETH, with a total profit of 32.89 million USD and a return rate of 21.82 times.

• Four major whales accumulated $234 million worth of ETH in a single day, with the largest purchase being 21,925 ETH ($10.2 million), at an average price of $4,652. Additionally, a whale borrowed $26 million USDC through Aave and then bought STETH.

• Address 0x395...500 accumulated 86,001 ETH at an average price of $3,023 from June to August, and sold 6,010 ETH ($27.25 million) for the first time an hour ago, with profits reaching up to $130 million.

• A hacker who stole over $300 million from CEX panicked and dumped 3,976 ETH ($17.98 million), incurring a loss of $932,000 in just two days.

• A new Wallet deposits 5 million USDC into HyperLiquid and opens a 3x leveraged ETH short positions.

Analysis: The market funding for ETH is clearly differentiated. Some OGs and Whales are cashing in profits, while institutions and new Wallets are frequently making large purchases. Combined with hacker and team operations, the short-term volatility of ETH will be more intense.

SOL Market Dynamics

• Whale AiMFH9 unstaked 53,194 SOL and sold all at a price of 233 USD, gaining 12.41 million USDC, with a profit of about 3.2 million USD.

-General Gordon James's long position on Hyperliquid in SOL is second only to BTC, indicating a bullish attitude towards this asset.

Analysis: SOL presents a capital hedging pattern, with Whales unstaking and cashing out on one side, and large go long funds getting on board on the other side. In the short term, the competition between long and short positions may intensify volatility.

Other Token Dynamics

• A certain Whale bought and staked 2 million HYPE at an average price of 8.68 dollars 9 months ago (costing 17.4 million dollars), now valued at 107.2 million dollars, with unrealized gains reaching 89.8 million dollars. 7 days ago, an unlock request was submitted and tokens have been received, likely preparing to cash out.

9 months ago, the Whale deposited 17.4 million USDC into Hyperliquid through 3 Wallets, bought 2 million HYPE, then diversified and transferred them into 9 Wallets for stake, and submitted a withdrawal request 7 days ago. After holding for 9 months, their current unrealized losses amount to 89.8 million USD.

The ETH OG address from 2017 deposited 2200 ETH into the CEX half an hour ago (9.92 million USD), suspected of dumping. If sold, it would profit 9.518 million USD.

-Address 0x880ac Whale has adjusted its largest short positions in PUMP twice: first increasing the position by 2.72 million tokens, then reducing it to 1.45 million tokens, net reducing by 1.27 million tokens. Currently, the short position in PUMP is approximately 71.47 million USD, with unrealized losses of 11.33 million USD, and the liquidation price is 0.012 USD. The total position in the account is about 137 million USD, with 18 adjustments made on the same day. The top three short positions are: PUMP 71.47 million USD, SOL 43.26 million USD, LINK 13.62 million USD.

• Whale AA21BS invested 1 million USDC in the PUMP public offering to purchase 250 million PUMP, and additionally bought 9.62 billion for 5.16 million USD. In the past 5 days, sold 1 billion (8.25 million USD), still holding 177 million USD PUMP, with a total profit exceeding 3.86 million USD.

-Jito transferred $8 million worth of JTO from a long-term custody Address, suspected to be a sell.

-Bubblemaps reveals that a single entity has collaborated through over 300 addresses in the AVNT airdrop, profiting 4 million USD, with funds concentrated flowing into trading platforms, suspected witch attack.

-The Ethena team deposited 3.125 million ENA (2.27 million USD) to CEX.

Analysis: PUMP, HYPE, JTO, AVNT and other tokens have become a battleground for high-risk capital. Whales, teams, and arbitrage funds are all active at the same time, making the risk of localized surges and crashes extremely high.

Market Overview and Trend Analysis

On September 16, the on-chain performance showed that the market is in a state of high leverage speculation and capital differentiation coexistence:

BTC: Short positions of Whales are approaching the liquidation line. If forced to close positions, it may trigger a short-term surge; meanwhile, large entries from long-positioned Whales are also strengthening bullish signals.

ETH: The most complex battlefield. On one side are OGs and hackers continuously realizing profits, while on the other side are Whales and institutions actively building positions. The price movement of ETH will greatly determine the market sentiment.

SOL: The power of capital is in a tug-of-war, with selling pressure and long positions coexisting; the short-term market may experience greater volatility.

Altcoins: The capital activity of emerging tokens such as PUMP and HYPE is very high, with intense arbitrage and speculation, short-term opportunities exist, but the risks are equally great.

Overall, the market has entered the get on board showdown acceleration phase, with the concentration of leveraged positions and aggressive operations by Whale funds significantly increasing volatility risks in the coming days. The directional breakout of mainstream coins will determine the overall market sentiment, while altcoins are more likely to show high-risk localized trends.

Conclusion

The on-chain data from the past 24 hours reveals that the cryptocurrency market is currently in a fierce tug-of-war between bulls and bears. Bitcoin and Ethereum have become the core battleground for capital struggle, while Solana and high-risk tokens amplify market uncertainty. Investors should remain vigilant of extreme volatility in altcoins while paying attention to the breakout directions of mainstream assets. In the current environment of high leverage and high volatility, cautious operation and following the trend remain key strategies.