Gate on-chain observation ( August 27, ): HYPE, WLFI and other ecological funds see a surge in heat, ETH funds accelerate accumulation.

In the past 24 hours, on-chain funds in the crypto market have been highly active, with ancient whales cashing out BTC continuously and leaning towards ETH, significantly increasing the risk of leveraged positions; XPL was jointly targeted by whales on the Hyperliquid platform, leading to rapid deleveraging in the market; 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 leading up to the time of publication on August 26 at 16:00, 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 with XPL, and whales teamed up for arbitrage exceeding 47 million USD.

4. The ecological lock-up value of WLFI has surpassed 3.5 billion USD, and the trend of liquidity concentration is evident.

The following is a detailed analysis of on-chain capital movements and the market.

ETH Market Dynamics

Whales concentrate positions in ETH, reduce holdings in BTC

1. An ancient Whale sold 3,968 BTC (approximately 437 million USD) and increased its holding of 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. Whales withdrew 10,000 ETH (45.6 million USD) from mainstream CEX, bringing the total to 20,000 ETH previously withdrawn.

2. Six new wallet addresses withdrew 95,789 ETH (427 million USD) from BitGo, suspected to be a migration of funds related to Bitmine.

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, long-term confidence remains strong.

BTC Market Dynamics

Ancient whales continue to cash out their chips

1. A long-dormant address sold 1,000 BTC ($109 million), 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.

Institution and Custodian Platform Fund Flow

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

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

Analysis: The BTC chip structure is showing signs of loosening, with increased pressure for ancient funds to realize profits, but the fund flow from custodial platforms indicates that there is support below in the market.

XPL Market Dynamics

Whales join forces to target arbitrage

1. Four main addresses collaborated to clear the XPL order book, arbitraging $16 million in one minute, with total profits of $47.67 million.

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%, and then quickly fell back.

Market Impact The open contracts of XPL on Hyperliquid have decreased by 49% in the last 24 hours, and the leverage sentiment has clearly become more cautious.

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 deposited 8.06 million USDC into Hyperliquid to purchase 169,259 HYPE.

2. Another Whale purchased 9 million USD HYPE, and the remaining funds are placed in limit orders for accumulation.

WLFI Ecosystem Lockup Sets Record

1. WLFI Lockbox has a lock-up scale 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 purchased by whales for 6.95 million pieces (1.12 million USD), indicating an increase in the heat of the WLFI ecosystem's funding chain.

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 Fund Movements

LINK: The whale will transfer all of the 1.294 million LINK (30.08 million USD) that it has accumulated to Coinbase, which may lead to short-term selling pressure.

TRX: A net purchase of 50.8 million USD during the downturn, with continuous capital inflow.

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

DOGE: Whale extracted 20 million DOGE, total position reached 52.9 million (11.71 million USD).

KTA: Whale sold 1.51 million KTA, profiting 1.49 million USD.

WBTC: A whale increased leverage position to 262.5 WBTC ($28.95 million), cost $110,286.

Bonk ecosystem GP: Whales continue to buy, 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 increasing positions and leverage layout, and the structural rotation trend of leading assets is obvious.

2. Concentrated Leverage Risk: The XPL incident highlights the high leverage risk in the market, which may lead to further deleveraging in the short term.

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

4. Institutional confidence remains: Bitmine and the withdrawal of funds from custodian platforms show that long-term capital is still being allocated, while the short-term market may maintain a volatile pattern.