Gate on-chain observation ( September 8, ): LINEA burn reduces supply; WLD receives Amber increase the position; HYPE and PUMP become market hotspots.

In the past 24 hours, there have been frequent large fund movements on-chain in the crypto market, with BTC and ETH continuing to dominate the allocations of institutions and high-net-worth addresses, but there are clear directional divergences: some whales maintain large short orders on BTC, while smart money and institutions continue to increase their positions in ETH and emerging tokens HYPE and PUMP. The Linea official has conducted a large-scale token burn, and WLD and WLFI have also become active targets for funds. Overall, the market's chip rotation and the game of leveraged funds are intertwined, with significant short-term fluctuation risks.

The following are significant on-chain developments from September 7 to September 8:

ETH Market Dynamics

1. Institutional and capital trends

Metalpha's associated wallet withdrew 11,500 ETH (worth $49.34 million) from Aave and transferred it to mainstream CEX, possibly for reducing positions or arbitrage operations.

Crypto analyst @ali_charts pointed out that the key support level for ETH is $4260, and if it falls below that, attention should be paid to the $4000 integer level.

2. Leverage and Trading Position

"Brother Ma Ji" Huang Li Cheng holds a 25x long order of ETH, worth 125 million USD, currently facing a floating loss of 1.8 million USD, with an opening price of 4,363.64 USD and a liquidation price of 3,211 USD.

Analysis: ETH is facing a test of key technical levels, institutional capital actions are cautious, and high leverage positions are under significant pressure. If support is lost, short-term fluctuations may be further amplified.

BTC Market Dynamics

1. Whale short order layout

Whale 0xa523 switched to short order after losing 35 million USD on ETH, incurring an additional loss of 614,000 USD. Currently, still holding 1,351 BTC short orders, worth approximately 150 million USD.

2. High leverage position risk

Huang Licheng holds a 40x long order of BTC, valued at 7.7 million USD, with a floating profit of only 30,000 USD, and the liquidation risk brought by high leverage remains prominent.

Analysis: BTC funds are clearly differentiated, with Whale short orders coexisting alongside high-leverage long orders. The short-term market may be driven by the derivatives market, while the medium to long-term still requires observation of institutional spot actions.

Other Token Dynamics

1. HYPE continues to accumulate.

• The address of the top individual holding has acquired 820,000 HYPE through early interactions and has not sold them to date. On the first day of token issuance, it purchased $4.15 million at an average price of $4.32, and the current position is valued at $75.93 million.
• A certain whale has accumulated an investment of 10.56 million USDC, buying 217,000 HYPE at 48.5 dollars.
• Smart money has cumulatively invested 8.6 million USD to build a position in HYPE, holding 175,000 tokens at an average price of 48.96 USD.
• qianbaidu.eth deposited 2.05 million USD to buy HYPE, currently holding 213,000 pieces, total value 10 million USD.
• Huang Licheng holds a 10x long order of HYPE, valued at 16 million USD, with an unrealized profit of about 600,000 USD.

2. PUMP hotspot outbreak

• A Whale created 3 new Addresses within 8 hours, going long on PUMP with 5x leverage, with a total holding of 1.31 billion Tokens, worth approximately 6.3 million USD.
• Whale "0x0a0...801" holds a PUMP long order worth 7 million USD, with an unrealized profit of 2.6 million USD; Whale "0xbd6...3e3" holds a PUMP long order worth 5 million USD, with an unrealized profit of 1.9 million USD, and additionally has a 10x ENA long order with an unrealized profit of 5.4 million USD.
• Huang Licheng holds a PUMP 5x long order worth 4.66 million USD, with an unrealized loss of 100,000 USD.

3. LINEA Supply Contraction

• 1,883,060,741 official LINEA Tokens were transferred to the black hole for destruction, reducing the total supply from 72.009 billion to 70.127 billion.
• A suspected ConsenSys associated address bought 1.2 million USD of the Linea ecosystem DEX protocol REX in the past two weeks and staked it.

4. WLD has been increased by institutions.

• Amber Group withdrew 4.68 million WLD (worth 4.92 million USD) from mainstream CEX again after three months, with WLD's 24-hour increase exceeding 20%. It has now become the TOP3 asset in Amber's public Address, second only to UNI and USDT.

5. WLFI and BLOCK

• A Whale withdrew 24.05 million WLFI (4.94 million USD) from CEX, with a total investment in WLFI and BLOCK exceeding 23.26 million USD.
• Another whale withdrew 10.25 million WLFI (2.34 million USD) and 5.67 million BLOCK (528,000 USD) from the CEX, currently holding a total of 72.83 million WLFI (16.39 million USD) and 17.23 million BLOCK (1.2 million USD).

6, DOGE

• A dormant address that has been inactive for two years withdrew 10.366 million DOGE from CEX, worth 2.25 million USD.

Analysis: HYPE and PUMP have become the main battleground for funds today, with leveraged funds concentrating on boosting short-term fluctuations; LINEA's large-scale destruction and actions related to ConsenSys strengthen the medium to long-term ecological expectations; WLD has been increased by Amber, indicating rising institutional interest in AI-related assets.

Market Overview and Trend Analysis

On September 8, on-chain data revealed a dual pattern of "mainstream coin chip game + emerging token hotspot speculation:"

Institutional and Whale Divergence: There are large short orders and high leverage long orders hedging for BTC, while ETH faces a critical support test, showing clear short-term divergence in the market.

Hot Tokens Drive Fluctuation: HYPE and PUMP attract large amounts of capital and leverage into the market, and the short-term high volatility will continue.

Supply and Long-term Logic: LINEA's destruction reduces supply, WLD has been increased by Amber, showing that institutions' long-term allocation logic towards the ecosystem and emerging sectors is still continuing.

Risks and Opportunities Coexist: In the short term, high leverage concentrated positions bring liquidation risks; in the long term, it is supported by institutional funds, ecological expansion, and the incremental increase of stablecoins.

Overall, on September 8, the market showed a dual pattern of "mainstream coins stabilizing + fluctuations in hot tokens," and investors need to maintain a balance between short-term speculation and long-term value.