Gate on-chain observation ( September 8, ): LINEA burned to reduce supply; WLD increased the position by Amber.

In the past 24 hours, there have been frequent large capital 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 is a clear divergence in direction: some whales maintain large short orders in BTC, while smart money and institutions continue to increase their positions in ETH and emerging tokens HYPE and PUMP. The Linea team has conducted a large-scale token burn, and WLD and WLFI have also become active targets for capital. Overall, the market is characterized by a rotation of chips and the interplay of leveraged funds, leading to significant short-term fluctuation risks.

The following are important 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 USD) 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 breaks below, attention should be paid to the $4000 round number.

2. Leverage and Trading Position

"Brother Maji" Huang Licheng holds a 25x long order of ETH, valued at 125 million USD, currently with an unrealized loss of 1.8 million USD, opening price at 4,363.64 USD, liquidation price at 3,211 USD.

Analysis: ETH is facing a critical technical level test, institutional funds are acting cautiously, and high leverage positions are under significant pressure. If support is lost, short-term fluctuations may further amplify.

BTC Market Dynamics

1. Whale short order layout

The Whale 0xa523 switched to a short order after losing 35 million USD by going long on ETH, incurring an additional loss of 614,000 USD. Currently, they still hold 1,351 BTC in short orders, worth approximately 150 million USD.

2. High Leverage Position Risk

Huang Licheng holds a BTC 40x long order, 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 capital differentiation is evident, 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 outlook still requires observation of institutional spot actions.

Other Token Dynamics

1. HYPE continues to accumulate.

• The address ranked first in personal holdings obtained 820,000 HYPE through early interactions, has not sold any to date, and bought 4.15 million USD worth at an average price of 4.32 USD on the first day of the token issuance. The current position value is 75.93 million USD.
• A certain whale has invested a total of 10.56 million USDC, buying 217,000 HYPE at 48.5 USD.
• Smart money has accumulated an investment of 8.6 million dollars to build a position in HYPE, holding 175,000 coins at an average price of 48.96 dollars.
• qianbaidu.eth deposited 2.05 million USD to buy HYPE, currently holding 213,000 coins, with a total value of 10 million USD.
• Huang Licheng holds a HYPE 10x long order, worth 16 million USD, with an unrealized profit of approximately 600,000 USD.

2. PUMP Hotspot Explosion

• A whale created 3 new wallets within 8 hours, using 5x leverage to long PUMP, with a total position of 1.31 billion coins, worth approximately 6.3 million USD.
• Whale "0x0a0...801" holds a PUMP long order of 7 million USD, with a floating profit of 2.6 million USD; Whale "0xbd6...3e3" holds a PUMP long order of 5 million USD, with a floating profit of 1.9 million USD, and also has a 10x ENA long order with a floating 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 have been transferred to the black hole for destruction, reducing the total supply from 72.009 billion to 70.127 billion.
• A suspected ConsenSys related Address bought 1.2 million dollars worth of Linea ecosystem DEX protocol REX and staked it in the past two weeks.

4. WLD institutional holdings increased.

• 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 addresses, second only to UNI and USDT.

5、WLFI and BLOCK

• A certain 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 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 a CEX, worth 2.25 million USD.

Analysis: HYPE and PUMP have become today's main battlefield for funds, with leveraged funds concentrating on boosting short-term fluctuations; LINEA's large-scale burn and its association with ConsenSys strengthen long-term ecological expectations; WLD received an increase in holdings from 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:"

Institution and Whale Divergence: BTC has large short orders and high leverage long orders hedging, while ETH faces a critical support test, with clear short-term divergence in the market.

Hot Token Drives Fluctuation: HYPE and PUMP attract a large amount of funds and leverage, and short-term high volatility will continue.

Supply and Long-term Logic: LINEA's destruction reduces supply, and WLD has gained Amber's increased holdings, indicating that institutions' allocation logic towards long-term ecosystems and emerging sectors continues.

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

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