Gate on-chain observation ( September 1, ): BTC ancient Whale shifts to ETH; XPL faces manipulation doubts; WLFI strongly attracts capital.

In the past 24 hours, the crypto market entered a phase of high volatility before the release of macro data, with on-chain funds concentrated in repositioning: BTC ancient Whales continued to transfer over a thousand BTC to HyperLiquid to exchange for ETH, with daily fund flow amounting to hundreds of millions of dollars, making ETH the focus; the newly launched project WLFI has been joined by Jump Crypto for market making, with on-chain Whales engaging in high-leverage layouts and cross-chain tests, causing market activity to surge; institutions like Trend Research have deposited ENS and PENDLE into mainstream CEXs, which may exert reduction pressure; some high-leverage short positions are already facing unrealized losses, with intense capital competition; meanwhile, there are clear signs of market manipulation in the XPL market, and the risk of concentrated holdings is increasing. Overall, BTC remains in a sideways trend, with volatility and capital heat shifting towards ETH and hot projects like WLFI, with a possibility of rapid market movements in the short term. Below are detailed data and trend analysis:

ETH Market Dynamics

Ancient whales continue to increase their holdings of ETH

• A BTC ancient whale deposited 4000 BTC (approximately 435 million USD) into HyperLiquid yesterday, exchanging for 96,859 ETH; today, it deposited another 2000 BTC, totaling 740,000 ETH (3.4 billion USD), and has staked.
• A segment whale today is suspected to have liquidated 4720 ETH (21.08 million USD), and if sold, would make a profit of 9.51 million USD, with a two-month return rate of 82.2%.
• A Whale used 5.43 million USDT to buy 1,237 ETH on a mainstream CEX (price 4,393 USD), indicating concentrated funds increasing position in ETH.
• Another newly created wallet shorted ETH with 25x leverage, using 1 million USDC, while still having an equivalent amount of funds waiting to be deployed.

Analysis: The ETH market has been strengthened by the ongoing accumulation by ancient whales and capital providers. However, the liquidation by some whales and the high leverage short positions have significantly increased short-term fluctuations.

BTC Market Dynamics

• The on-chain flow of funds for BTC itself is limited, and the large-scale BTC sell-off by ancient whales is mainly used to switch to ETH, increasing the pressure on the funds.

Analysis: BTC is temporarily affected by selling pressure, but primarily serves as a source of liquidity for ETH, with market sentiment shifting towards price movements driven by ETH.

WLFI Market Dynamics

The launch triggers concentrated capital reallocation

• The official multi-signature has transferred 17.625 billion WLFI to the contract in the past few hours, then transferred back 5 billion to the multi-signature address, with a single transaction amount reaching a new high in 11 months, and the specific purpose is unknown.
• The official multi-signature transferred 485 million WLFI market-making tokens to the Jump Crypto address, making Jump the second public market maker after DWF Labs.
• An address cross-chain transfers 10 WLFI to the BSC network via Chainlink CCIP.
• A profitable trader closed a 3x leveraged long position with a profit of $915,000 and opened a TRUMP long position with 8x leverage.
• A Whale took a long position on WLFI with 3x leverage, opening price at 0.2625 USD, unrealized gains of 644,000 USD.
• A user supporting Trump purchased 23.14 million WLFI at a cost of 347,000 USD, which is now valued at 8.5 million USD.

Analysis: The launch of WLFI has driven a significant amount of on-chain capital activity, but the concentration of funds and high leverage operations significantly increase risks, and short-term fluctuations may continue.

XPL Market Dynamics

• Well-known trader TechnoRevenant holds approximately 28.9 million USD in XPL long positions, accounting for 38% of Hyperliquid's total open contracts, with leverage consistently below 1x, showing clear signs of strategic control.

Analysis: The concentration of the XPL market is extremely high, and the trend is dominated by a few capital holders, so ordinary investors should be cautious.

Other Token Dynamics

Trend Research Position Transfer Action

• Trend Research deposited 1 million PENDLE (loss of 1.12 million USD) and 203,100 ENS (loss of 808,000 USD) into mainstream CEX, indicating a failure in high-level fluctuation.
• Recently, it also transferred 203,105 ENS to mainstream CEX, with a loss of 1.13 million dollars.

HYPE Buying Pressure Concentration

• A new wallet received 85,200 HYPE (3.8 million USD) from FalconX within 5 days, increasing capital concentration.

TRUMP Long Position Layout

• Market funds are gradually flowing into TRUMP tokens, with high leverage long positions increasing short-term fluctuations.

Market Overview and Trend Analysis

1. ETH Market Dominates Trend: Ancient Whales continue to reduce position in BTC and switch to ETH, while institutional and funding layouts have strengthened the long-term support for ETH. However, short-term pressure comes from some Whales liquidating their positions and short positions leveraging.
2. WLFI Triggers Liquidity Concentration: The launch of WLFI brings a large amount of on-chain operations and market-making funds, boosting market activity, but short-term risks also rise concurrently.
3. High leverage and token control risks increase: Tokens like XPL and TRUMP are dominated by a small number of fund holders, and ordinary users need to participate with caution.
4. Institutional layout signals are obvious: Assets such as SOL and ETH continue to receive long-term capital support, with signs of structural inflows in the market.

Overall, the market is experiencing a transfer of funds towards hot tokens such as ETH and WLFI against the backdrop of BTC's Sideways movement. High leverage and speculative capital are exacerbating the Fluctuation. Caution is needed in controlling positions in the short term, while institutional layouts still hold reference value in the medium to long term.