Gate on-chain observation ( September 1st ): BTC ancient whales continue to swap for ETH, WLFI is about to launch and is strongly attracting 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 concentrating on repositioning: BTC ancient whales continued to transfer thousands of BTC to HyperLiquid to exchange for ETH, with a daily capital flow scale of 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 testing, resulting in a surge in market activity; institutions like Trend Research have deposited ENS and PENDLE into mainstream CEXs, which may exert reduction pressure; some high-leverage short positions have unrealized losses, and capital games are intense; meanwhile, there are clear signs of market manipulation in XPL, increasing the risk of concentrated holdings. Overall, BTC remains sideways, with volatility and capital heat shifting towards hot projects like ETH and WLFI, potentially leading to rapid market movements in the short term. Below are detailed data and trend analyses:

ETH Market Dynamics

Ancient whales continue to increase their holdings of ETH

• An ancient Whale deposited 4000 BTC (approximately 435 million USD) to HyperLiquid yesterday, exchanging for 96,859 ETH; today, it deposited another 2000 BTC, totaling the purchase of 740,000 ETH (3.4 billion USD), and has staked.
• A wave of whales is suspected to have liquidated 4,720 ETH (21.08 million USD) today. If sold, they would realize 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 mainstream CEX (price $4,393), indicating concentrated funding to increase position in ETH.
• Another newly created wallet is shorting ETH with 25x leverage, using 1 million USDC in funds, while still leaving an equivalent amount of funds to be deployed.

Analysis: The ETH market has been strengthened in its fundamentals due to the continuous accumulation by ancient whales and funding parties. However, the clearing of positions by some whales and the layout of high-leverage short positions have significantly increased short-term fluctuations.

BTC Market Dynamics

• The on-chain capital flow of BTC itself is limited, and the large-scale selling of BTC by ancient whales is mainly used to switch to ETH, resulting in increased capital pressure.

Analysis: BTC is under short-term selling pressure, but it mainly serves as a source of liquidity for ETH, with market sentiment shifting towards trends driven by ETH.

WLFI Market Dynamics

The launch triggers capital concentration adjustment

• The official multi-signature has transferred 17.625 billion WLFI to the contract in the past few hours, and then transferred back 5 billion to the multi-signature address, setting a new high for a single transaction in 11 months, with the specific use 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 profit-maker closed a 3x leveraged long position with a profit of $915,000 and opened a TRUMP long position with 8x leverage.
• A Whale goes long on WLFI with 3x leverage, opening price at $0.2625, with unrealized profits of $644,000.
• A user who supports Trump purchased 23.14 million WLFI at a cost of 347,000 USD, and its current value is 8.5 million USD.

Analysis: The launch of WLFI has driven a significant increase in on-chain capital activity, but the concentration of funds and high leverage operations have significantly increased 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 below 1x and clear signs of strategic control.

Analysis: The concentration of the XPL market is extremely high, with the trend dominated by a small number of funds. Ordinary investors should be cautious.

Other Token Dynamics

Trend Research Position Transfer Actions

• 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 fluctuations.
• Recently, it also transferred 203,105 ENS to mainstream CEX, incurring a loss of 1.13 million dollars.

HYPE Buy Orders Concentrated

• 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, and high-leverage long positions are increasing short-term fluctuations.

Market Overview and Trend Analysis

1. ETH Market Dominant Trend: Ancient whales continue to reduce positions in BTC and switch to ETH, while institutional and funding arrangements have strengthened ETH's long-term support. However, short-term pressure comes from some whales liquidating their positions and short positions with leverage.
2. WLFI triggers liquidity concentration: The launch of WLFI brings a large amount of on-chain operations and market-making funds into play, driving an increase in market activity, but short-term risks also rise simultaneously.
3. High Leverage and Controlled Token Risks Intensify: Tokens such as XPL and TRUMP are dominated by a few fund holders, and ordinary users should participate with caution.
4. Institutional layout signals are evident: 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 seeing funds shifting towards hot tokens like ETH and WLFI against the backdrop of BTC's Sideways movement. High leverage and speculative funds are intensifying Fluctuation, so caution is needed in position management in the short term, while institutional layouts still hold reference value in the medium to long term.