Gate on-chain observation ( September 9, ): A certain Whale made a profit of 8.88 million USD on WLD in 12 days; ETH remains the target for institutions and market makers.

In the past 24 hours, on-chain large capital flows have remained active, with ETH continuing to be a key allocation target for institutions and Whales; there has been no large-scale action from ancient BTC chips in the short term, with the portfolio allocation trend mainly focusing on the ETH and BTC combination; SOL has seen large withdrawals by Whales and deposits into Kamino, indicating high capital activity; XRP funds remain stable; among other Tokens, WLD, HYPE, AAVE, and MKR have become the focus of long and short capital games, with Arthur Hayes' investment actions and Whale profit/loss cases drawing significant attention.

The following are important on-chain developments from September 8 to September 9:

ETH Market Dynamics

1. Institutions and Whales Withdraw Coins

-Bitmine has once again obtained 8,000 ETH (approximately 34.41 million USD) from Galaxy Digital, with a total daily withdrawal of 10,319 ETH (approximately 44.57 million USD).

• Two institutional wallets (suspected to be the same entity) withdrew 20,000 ETH (approximately 86 million USD) from Coinbase Prime and staked it to ether.fi.

• 5 new wallet addresses withdrew 75,000 ETH (worth about $323 million) from CEX within 1 hour, distributed across the Ethereum mainnet, Arbitrum, Optimism, Base, and Linea networks.

• BlackRock addresses transferred 72,370 ETH (approximately 312 million USD) to Coinbase Prime, suspected of being sold.

2. Whale Movements

• The 0x67f7 address transferred 47,507 ETH (approximately $207 million) to 4 new wallets after being idle for 4 years.

Whale address starting with 0x19bA withdrew 5,000 ETH (approximately 21.77 million USD) from CEX.

• Longling Capital (under Cai Wensheng) withdrew 5,000 ETH (approximately 21.57 million USD) from CEX.

3. Fund Operations and Hedging

• A Whale deposited 2,929.6 ETH into HyperUnit and sold it at an average price of 4,315 US dollars for 12.64 million USDC.

-Matrixport associated wallet address deposited 15,000 ETH (approximately 64.67 million USD) to CEX.

-Whale collateralized 10,345 ETH through Aave and borrowed 20.08 million dollars in stablecoins, with a health score of 1.84.

Analysis: ETH continues to be a major asset allocation for institutions and Whales. In the short term, there is a coexistence of outflows from exchanges and selling pressure from institutions, which may intensify volatility; in the long term, staking and accumulation behaviors have strengthened the tight supply-demand situation of ETH.

BTC Market Dynamics

1. Institutional Buying and Portfolio Allocation

• BlackRock transferred 266.79 BTC (approximately $29.88 million) to Coinbase Prime.

• A single institutional address withdrew 692 BTC (approximately 77.32 million USD) from Galaxy Digital.

2. Ancient Chip Fluctuation

-BTC historical chip activity is limited, remaining silent in the short term, with sporadic small transfers.

Analysis: The new buying pressure for BTC is limited, but it remains a core component of institutional portfolio allocation; the activity of ancient chips is low, and the short-term trend is more influenced by derivatives capital speculation.

SOL market dynamics

• Two Whales withdrew 376,076 SOL (approximately 8.07 million USD) from CEX and deposited them into Kamino.
• Hyperliquid Whale accounts hold long positions in ETH, SOL, and XRP, with a cumulative floating profit of 750,000 USD and a total profit of 22,930,000 USD.

Analysis: SOL has seen large withdrawals and deposits in DeFi, with high capital activity; short-term selling pressure is limited, and the return of funds to the ecosystem may provide support for the price.

XRP Market Dynamics

-XRP on-chain has not yet seen significant selling pressure or concentrated action from whales.

-Hyperliquid Whale account holding XRP long position is in a floating profit status.

Analysis: XRP maintains a volatile market, with no significant anomalies in on-chain funds; the trend is still influenced by the macro market and overall capital flow.

Other Token Dynamics

1、WLD

• Whale accumulated and cleared WLD for a profit of 8.88 million USD within 12 days, achieving a doubling return.

• The liquidator of Three Arrows Capital, Teneo, has sold another 2.25 million WLD (approximately 2.88 million USD) and still holds 52.47 million.

• Address 00x7fda added WLD airdrop of 1.49 million dollars, currently floating loss of nearly 5 million dollars, liquidation price 5.372 dollars.

2、HYPE

• A Whale deposited 2,930 ETH into Hyperliquid, sold it, purchased 209,000 HYPE, and converted it into a unilateral directional position.

• Multiple whale addresses are accumulating HYPE, with a total purchase amount exceeding $17 million.

-HYPE The value of the position of the top address on the personal holdings list has risen to 75.93 million USD.

3、AAVE

• Withdraw 50,000 AAVE (approximately 15.07 million USD) to the new address from CEX.

-Whale continues to extract AAVE, accumulation signal is obvious.

4、MKR

-25,562 MKR (approximately 42.6 million USD) was transferred from Anchorage Digital custody address to institutional business platform, or flowed into CEX; unrealized loss of approximately 10.38 million USD.

5. Others

-SOMI Whale bought low and sold high for an arbitrage of about 500,000 USD, with a return rate of 160%.

-FTT Whale deposited 4.516 million FTT to CEX, facing a loss of 4.416 million USD.

-GSR associated address shorted Launchcoin was targeted and liquidated, with a loss of approximately 4 million dollars in 24 hours.

Analysis: WLD and HYPE are the main battlegrounds for short-term capital games, with intense volatility; AAVE is being continuously accumulated, showing signs of capital chasing; MKR faces institutional selling pressure.

Market Overview and Trend Analysis

Institutional Accumulation and Concentrated Allocation: ETH is a key target for institutions and whales, while BTC still occupies a core position in portfolio allocation.

Capital Rotation and High Volatility: Emerging tokens like WLD and HYPE have become hotspots for speculation, with obvious short-term volatility risks.

DeFi and Ecosystem Driven: The funding activity of SOL and AAVE shows that the DeFi sector is still being followed.

Compliance and Risk: FTT, MKR funds flow to CEX, indicating that some institutions may be avoiding compliance risks or cashing out.

Short-term outlook: The long-term logic of ETH and BTC is solid, but high leverage and short-term arbitrage are active, which may increase market volatility; short-term tokens like WLD and HYPE need to pay attention to the risks of capital long-short game.