Gate on-chain observation ( September 2, ): Funds rotated from BTC and XPL to ETH, WLFI, and other high-demand assets; 80% of the top ten WLFI holders take profit.

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-scale stake, indicating a complex short-term sentiment. The BTC market is moving quietly, with some funds shifting from BTC to ETH. SOL shows signs of large transfers into the exchange by Galaxy Digital, and potential sell pressure needs to be monitored. Hot tokens like WLFI and XPL are experiencing significant fluctuations, and the Whale game continues to escalate. Overall, the market is seeing a significant increase in fluctuation risk during this period of intense macro events, and institutional fund operations deserve close attention.

ETH Market Dynamics

1. A Whale that has made a profit by shorting BTC four times in a row has turned to ETH short positions, opening 25x leverage on Hyperliquid, holding 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 (81.50 million USD) since August, and lent out 114.2 million USDT on Aave.

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

4. The hacker sold 8,960 ETH after laundering the coins through Tornado.Cash, exchanging them for 39.26 million DAI.

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

6. The new address withdrew 3,601 ETH from mainstream CEX and began 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 in long and short positions, resulting in strong short-term fluctuations. Large increases in positions and staking activities signal a long-term bullish outlook, 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 fluctuations are relatively weak, and the Whale's adjustment indicates that the short-term BTC trend is leaning towards consolidation or slight correction, with ETH becoming the focus of attention.

WLFI Market Dynamics

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

2. Participants in the pre-sale concentrated 160 million WLFI into mainstream CEX, increasing the unlocking pressure.

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

4. TechnoRevenant holds WLFI worth $245 million, making an 8x profit.

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

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

SOL Market Dynamics

Galaxy Digital deposited 500,000 SOL (103 million USD) into 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 has shifted to WLFI after making a profit of 38 million USD from XPL, showing a clear trend of fund migration.

Analysis: XPL's popularity is declining, major funds are withdrawing, and short-term fluctuations are easing.

Other Fund Movements

1. Hyperliquid experienced large deposits and withdrawals; a similar situation occurred from late July to early August, during which BTC fluctuated violently.

2. Whale deposits 10.19 million USDC in Hyperliquid to short WLFI, intensifying the market's long and short positions.

Analysis: Hyperliquid has become a centralized platform for leveraged trading, with market fluctuation rising alongside the leverage usage rate.

Market Overview and Trend Analysis

From the end of August to the beginning of September, the on-chain confrontation between long and short positions escalated, with Whale and institutional behaviors accelerating the capital rotation rhythm. ETH became the focal asset, with high leverage concentration, and obvious short-term fluctuation risk; the capital outflow of BTC stabilized its price trend; WLFI exhibited high-risk, high-return characteristics against the backdrop of high unlocking and concentrated holding. There is a clear differentiation between mainstream and emerging Tokens such as SOL and XPL, with institutional capital revealing its long-term influence on the market.

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. Long-term bullish outlook: Institutions continue to increase the position in ETH, SOL and are staking, indicating a long-term bullish sentiment towards core assets.
3. Accelerated Capital Rotation: Funds are shifting from BTC and XPL to high-demand assets such as ETH and WLFI. Investors need to closely track 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 less friendly to retail investors, with a strong speculative atmosphere, requiring caution when chasing highs.