Gate on-chain observation ( August 27 ): XPL is being jointly targeted on Hyperliquid; ancient BTC whales continuously cashing out chips.

In the past 24 hours, on-chain funds in the crypto market have been highly active, with ancient BTC whales continuously cashing out chips and leaning towards ETH, resulting in a significant increase in leveraged position risks; XPL was jointly targeted by whales on the Hyperliquid platform, causing the market to rapidly deleverage; HYPE, WLFI, and other ecological funds performed outstandingly, with institutional strategies primarily focused on arbitrage and liquidity layout. Overall, market sentiment remains cautious, and the liquidity concentration of top assets has further increased.

In the 24 hours up to 16:00 on August 26, several large fund repositioning operations are worth noting:

1. An ancient Whale sold nearly 4,000 BTC and shifted to large-scale accumulation of ETH.

2. Multiple institutional wallets continue to withdraw ETH from exchanges, Bitmine or redeploy funds on-chain;

3. Hyperliquid experienced an extreme volatility event of XPL, with whales collaborating for arbitrage exceeding 47 million USD;

4. The ecological locked value of WLFI has突破 3.5 billion USD, and the concentration trend of liquidity is明显.

The following is a detailed on-chain capital flow and market analysis:

ETH Market Dynamics

Whales concentrate on increasing positions in ETH, reducing holdings in BTC

1. An ancient Whale sold 3,968 BTC (approximately 437 million USD) and increased its position by acquiring 96,533 ETH at an average price of 4,588 USD.

2. The same Whale opened a 5x leveraged long position on Hyperliquid, with a position size of approximately 433 million USD.

Institution and Wallet Withdrawal Trends

1. A whale withdrew 10,000 ETH (45.6 million USD) from a mainstream CEX, bringing the total withdrawn to 20,000 ETH.

2. Six new wallet addresses withdrew 95,789 ETH (420 million USD) from BitGo, suspected to be related to a Bitmine fund chain migration.

on-chain Swap capital flow During the market downturn, ETH bought 261 million USD and sold 269 million USD. Short-term funds tend to sell pressure, but the overall liquidity concentration has increased.

Analysis: ETH on-chain funds show a trend of concentrated accumulation, with institutions and large wallets continuing to accumulate, and long-term confidence remains strong.

BTC Market Dynamics

Ancient whales continue to cash out chips

1. A dormant address that has been inactive for many years sold 1,000 BTC (109 million USD), with some funds already flowing into the ETH spot market.

2. Another fund of 968 BTC (106 million USD) flowed into Hyperliquid to purchase ETH.

Capital Flow of Institutions and Custodial Platforms

1. 503 BTC flowed from mainstream CEX to the Ceffu custody platform, indicating institutional repositioning actions.

2, A whale deposits 500 BTC (55.37 million USD) into a mainstream CEX, and the address still holds 3,500 BTC.

Analysis: The BTC chip structure shows signs of loosening, with ancient funds facing increased pressure to cash out, but the fund flow from custodial platforms indicates that there is buying support in the lower part of the market.

XPL Market Dynamics

Whales join forces to target Arbitrage

1. Four major addresses collaborated to clear the XPL order book, arbitraging 16 million USD in one minute, with a total profit of 47.67 million USD.

2. Victim 0xC2Cb lost 4.59 million USD, 0x64a4 lost 2 million USD.

3. The price of XPL soared to $1.80 in two minutes, an increase of over 200%, before quickly retreating.

Market Impact Hyperliquid's XPL open contracts have decreased by 49% in the last 24 hours, indicating a clear cautious trend in leverage sentiment.

Analysis: The XPL event highlights the high risks of the leveraged market, which may trigger further deleveraging across the entire market in the short term.

HYPE, WLFI and Emerging Token Trends

HYPE funds concentrated inflow

1. A Whale deposits 8.06 million USDC into Hyperliquid to buy 169,259 HYPE.

2. Another whale purchased 9 million USD HYPE, with remaining funds placed in limit orders for accumulation.

WLFI Ecosystem Lockup Sets Record

1. The WLFI Lockbox has a locked position of 13.35 billion tokens, with a total value of 3.5 billion USD.

2. The unfilled contracts of WLFI on Hyperliquid have decreased by 49%, significantly affected by the XPL event.

Ecosystem Chain Active Block tokens were bought by whales, totaling 6.95 million (1.12 million USD), indicating an increase in the WLFI ecosystem's funding chain activity.

Analysis: WLFI ecological lock-up data is impressive, indicating a high level of trust in the project; HYPE trading activity remains high, becoming the focal point for capital pursuit.

Other Token Capital Trends

LINK: Whales will transfer all 1.294 million LINK (30.08 million USD) they have hoarded to Coinbase, which may bring short-term selling pressure.

TRX: Net purchases of $50.8 million during the decline, with continuous capital inflow.

ARB: Arbitrum multi-signature wallet deposits 13.105 million ARB (6.91 million USD) to Coinbase Prime.

DOGE: Whale withdrew 20 million DOGE, total holding reached 52.9 million (1.171 million USD).

KTA: Whale sold 1.51 million KTA, making a profit of 1.49 million USD.

WBTC: A Whale leverages its position to 262.5 WBTC (28.95 million USD), at a cost of 110,286 USD.

Bonk Ecosystem GP: Whale continues to buy in, currently holding a position of 481,200 USD.

Market Overview and Trend Analysis

1. Capital rotation accelerates: BTC ancient funds continue to cash out, ETH becomes the focus of position increase and leverage layout, and the structural rotation trend of leading assets is obvious.

2. Concentration of leverage risk: The XPL incident highlights the high leverage risk in the market, which may further de-leverage in the short term.

3. Emerging tokens have high volatility: HYPE, WLFI, and other ecosystems have high popularity, strong funding chains, but significant volatility risks.

4. Institutional confidence remains: Bitmine and the withdrawal from the custody platform show that long-term capital is still being allocated, while the short-term market may maintain a fluctuation pattern.