Gate on-chain observation ( September 29 ): 400 BTC ancient chips were activated; ETH Whale replenished at a high position; MrBeast increased the position in ASTER again.

In the past 24 hours, the crypto market has seen intense competition between long and short funds. The Ethereum (ETH) market has experienced whale high-position replenishment operations, with a single purchase exceeding 6 million USD, while the leverage short positions are also rapidly expanding, leading to increased short-term risks. Aster (ASTER) has become a focus for institutional-level shorts, with Abraxas Capital and multiple addresses concentrating on short orders, but the price remains resilient against the trend, indicating a stalemate between longs and shorts. In the case of Solana (SOL), whales have made large deposits to the exchange, which could create potential selling pressure and impact the market. Meanwhile, Worldcoin has once again transferred a large amount of tokens to the exchange, and YouTube top influencer MrBeast has increased his position in ASTER, sparking heated discussions in the market. Overall, the divergence between mainstream assets and emerging tokens has intensified, and market sentiment is tense.

BTC Market Dynamics

👉 An ancient address that had been dormant for 11.9 years has been activated, transferring out 400 BTC, worth approximately 44.32 million USD. This batch of BTC was only worth 236,900 USD in 2013.

👉 "Insider Trader" @qwatio closed BTC and XRP short positions to avoid liquidation, with a loss of 3.45 million USD this round. After 5 minutes, he opened another short position on XRP at an opening price of 2.85 USD, just 2% away from the liquidation price.

Analysis: The BTC market is affected by the activation of ancient chips, causing potential selling pressure that raises concerns in the market. Frequent stop-losses and re-opening of positions by short-term traders indicate that market sentiment remains fragile. BTC continues to be the focal point of the struggle between short positions and speculative funds.

ETH Market Dynamics

👉 A Whale 0xE37F repurchased 1,501 ETH at a price of $4,114 (6.17 million USD), having previously sold it for $2,251 five months ago. 👉 A certain Address used 20x leverage to short ETH, with a short order size of 8,000 (32.86 million USD), facing an unrealized loss of 4.49 million USD. The Address profited 1.69 million USD through funding fees, temporarily alleviating the loss.

👉 Address "0x69e***" deposits 5 million USDC, opens a short order of 11,884 ETH, with a nominal value of 48.8 million USD, currently with an unrealized profit of 44,000 USD.

👉 Create a new Address starting with "0x217" to withdraw 1200 ETH (4.93 million USD) from the CEX, and recharge to Morpho for testing, or plan to stake.

Analysis: The ETH market has seen whales making high-level replenishments, indicating confidence in long-term prices; however, leveraged short positions are rapidly expanding, putting pressure in the short term. Whale staking behavior may enhance on-chain locking, but short-term market volatility could be further amplified.

SOL Market Dynamics

👉 Whale "CMJi" deposited 250,000 SOL to the exchange within two days, worth $51.89 million. · Address 0x880a reduced SOL short order and increased the position to PUMP short order, showing frequent switching of operations.

Analysis: SOL faces significant potential selling pressure in the spot market, and may be under pressure to decline in the short term. Although some short positions have been reduced, more on-chain funds are flowing into short-term speculative varieties, reflecting a lack of confidence in the market for SOL.

ASTER Market Dynamics

👉 Address 0x880a opened a short order for AST, having increased the position by over 160,000 coins, with a contract position of approximately 87.9 million USD and a total floating loss of 12.7 million USD.

👉 Abraxas Capital Address (0x5b5d) rolled to increase the position of ASTER short order to 700,000 tokens, worth 32.29 million USD, currently floating a loss of 1.3 million USD.

👉 YouTuber MrBeast increased the position by 167,000 AST (320,000 USD), bringing the total holdings to 705,000 AST (1,280,000 USD).

Analysis: ASTER has become a concentrated battlefield for short positions institutions and speculative Whales. Abraxas continues to increase the position in short orders, but the price remains strong, indicating that there is strong support in the market. At the same time, celebrity funds entering the market drive retail investors to follow, and ASTER may maintain high popularity and high volatility.

Other Token Dynamics

👉 The Worldcoin team wallet has transferred 20.66 million WLD (27.07 million USD) to CEX again, which may create price pressure in the short term. · Huang Licheng has increased the position in XPL long order and set a take profit order, while continuously reducing the position in HYPE long order, with the overall position floating loss reduced to 6.5 million USD.

👉 The hacker attacking Resupply deposited 1,607 ETH (6.5 million USD) into Tornado Cash for further mixing of the stolen funds.

Analysis: The WLD team continues to transfer tokens to the exchange, increasing market supply pressure. HYPE still has room for fluctuation driven by the star effect, but overall selling pressure is evident. Hacker funds flowing into privacy protocols show that DeFi security risks remain prominent.

Market Overview and Trend Analysis

BTC and ETH: BTC is under short-term pressure due to the activation of ancient chips and speculative short positions; ETH, on the other hand, may experience significant volatility under the influence of Whale replenishment and high-leverage short order games.

SOL: Large spot deposits to the exchange may create potential sell pressure or hinder the price, redirecting fund heat to other tokens.

ASTER: Short positions by institutions and whales are concentrated, but the market has strong support, and short-term high volatility fluctuation patterns may be maintained.

Other Tokens: The WLD team continues to transfer coins, creating selling pressure. HYPE and XPL attract capital speculation due to celebrity operations. The hacking incident highlights security risks, which may affect market confidence.

Conclusion

On September 29, the on-chain capital flow revealed a divergence of funds between mainstream assets and emerging tokens: BTC and ETH are under pressure, SOL selling pressure is increasing, while ASTER has become the main battlefield for shorts and supporting funds. As the game between whales and institutions accelerates, market volatility may further amplify, and investors need to pay attention to leverage positions and chip concentration to grasp potential risks and opportunities.