Gate on-chain observation ( on September 3, ): The Ethereum Foundation sold 10,000 ETH; funding battles for SOL, WLFI, and other tokens are intensifying.
In the past 24 hours, the crypto market has remained active in terms of capital flow. ETH leverage positions and spot adjustments coexist, with some whales increasing their positions at high levels and facing serious unrealized losses; BTC short orders have increased, and ancient capital dynamics have attracted market attention; the capital game for tokens like SOL and WLFI has intensified, with emerging tokens like PENDLE, ENA, and MOG becoming arbitrage hotspots. Overall, market sentiment is cautious, with institutions and arbitrage funds primarily adopting neutral strategies, on-chain liquidity is changing rapidly, and short-term volatility risk has increased.
As of September 2nd, 16:00, on-chain monitoring data shows:
ETH whales and foundations have adjusted their positions multiple times, further concentrating the risk of leveraged positions.
The short order position of BTC has increased significantly, with some funds shifting from BTC to short ETH;
SOL Spot is being cashed out by long-term funds, with high leverage long orders active;
WLFI lock-up and Whale profit-taking signals coexist, and the concentration of funds has significantly increased.
The following is an analysis of on-chain fund flows and market trends from September 2 to September 3:
ETH Market Dynamics
1、Whale adjustment and foundation selling
The Ethereum Foundation transferred 10,000 ETH ($42.7 million) to a CEX for research and funding, marking the Foundation's first large-scale sell-off in two months.
The address 0x3e64 withdrew 5,100 ETH from CEX, with a total withdrawal of 42,681 ETH (185 million USD) over the past 5 days.
A certain whale transferred 7,500 ETH to CEX, expecting a profit of 6.7 million dollars.
Another Whale deposited 6,294 ETH into CEX, expecting a profit of 3.76 million USD.
High leverage position concentration
Address 0xa5232 Whale's long position reaches 158 million USD, unrealized losses of 6.33 million USD, liquidation price approximately 4,099 USD, and losses exceed 25 million USD in the past week.
James Wynn's 25x leveraged long position was partially liquidated, and he still holds a long position of 300,000 USD ETH.
An account on Hyperliquid shorted 3,000 ETH with 25x leverage, with a position value of approximately 12.98 million USD; another Whale opened a 25x short order for ETH with a position of 500 ETH (2.2 million USD).
3、Long-term capital movements
"ETH ICO 1 million Whale" increased the position by 2,000 ETH ($8.79 million) after one month, previously profiting $3.68 million through fluctuation trading.
"Brother Maji" Huang Licheng increased the position by 1,400 ETH, with a total holding scale exceeding 130 million USD, currently having unrealized losses of 3.63 million USD.
Analysis: The on-chain capital flow of ETH is highly active, with foundation sell-offs and large withdrawals indicating an increase in short-term liquidity fluctuations; leveraged funds are concentrated in high-multiple long and short positions, significantly increasing market volatility risk. Long-term whales and institutions are still accumulating on dips, forming a capital game pattern of short-term fluctuations and medium-term accumulation.
BTC market dynamics
1、Concentration of short funds layout
A certain whale deposited 3.25 million USDC into Hyperliquid while opening a 40x short order on BTC, with a position value of 16.6 million US dollars.
"The Whale that has shorted BTC four times since 2025" has turned to ETH short positions after profiting from BTC short orders, indicating an upgrade in cross-coin hedging strategies.
2、Capital Flow and Market Attitude
Large OTC buy orders decrease, BTC capital flow becomes cautious, and some short funds shift to ETH.
Analysis: The BTC market lacks new Spot support, with leveraged short positions concentrated. The funding game is biased towards the downside, and the price may continue to fluctuate downwards.
SOL Market Dynamics
Long-term cashing out and short-term long positions coexist
Rollbit Treasury associated address sold 50,000 SOL (10.17 million USD) after being dormant for 2 years, with an average purchase price of only 24.6 USD.
A whale deposited 1 million USDC into Hyperliquid to long SOL with 20x leverage, holding a position of 48,000 coins (10.13 million USD).
Analysis: The short-term fluctuation of SOL's funds has intensified, with long-term funds realizing profits and leveraged funds increasing their positions, forming a hedge. In the short term, it may maintain range-bound volatility.
Other Token Dynamics
1、WLFI
Jump withdrew 50.68 million WLFI (11.58 million USD) from CEX;
Whale 0x8C4 withdrew 40.87 million USD WLFI;
The 0xFAc address profited 8.78 million dollars (ROI 226%) by selling 20% of the unlocked WLFI;
KOL DonAlt deposited 12.97 million WLFI to CEX, and if sold, will profit 2.555 million USD.
2、PENDLE
Long-term funds withdrew 483,000 PENDLE from CEX, with a total holding of 4.07 million coins and an unrealized gain of 44%.
3、ENA & MOG
A certain whale sold PEPE and PENDLE, buying 1.84 million ENA (average price of $0.7);
Another Whale bought 22.78 trillion MOG (1.83 million USD), with a total holding of 30.3 trillion.
4、AAVE & PUMP
The address 0xF43 has accumulated 117,046 AAVE (36.82 million USD) at an average price of 316 USD;
@ParallelAiRev has accumulated a profit of 3.37 million USD by trading PUMP.
Analysis: The performance of the altcoin market is polarized, with WLFI becoming a focal point for capital concentration, where arbitrage and cashing out coexist; PENDLE and MOG are favored by long-term funds, indicating that liquidity is concentrating towards leading projects.
Market Overview and Trend Analysis
Volatility Continues to Rise: High-leverage positions in ETH and BTC are concentrated, resulting in relatively high liquidation risks in the short term;
The long-term capital outlook remains bullish: The Ethereum Foundation's selling has not changed the long-term capital accumulation trend, with ETH ICO whales and institutions continuously increasing their positions;
Increased Capital Concentration: Tokens such as WLFI have become hotspots for arbitrage and locking positions, while market risk appetite has decreased.
Arbitrage and hedging strategies dominate: Cross-currency hedging is evident, with increased awareness of capital risk avoidance, and it is expected that high fluctuation and volatility will remain dominant in the short term.
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Gate on-chain observation ( on September 3, ): The Ethereum Foundation sold 10,000 ETH; funding battles for SOL, WLFI, and other tokens are intensifying.
In the past 24 hours, the crypto market has remained active in terms of capital flow. ETH leverage positions and spot adjustments coexist, with some whales increasing their positions at high levels and facing serious unrealized losses; BTC short orders have increased, and ancient capital dynamics have attracted market attention; the capital game for tokens like SOL and WLFI has intensified, with emerging tokens like PENDLE, ENA, and MOG becoming arbitrage hotspots. Overall, market sentiment is cautious, with institutions and arbitrage funds primarily adopting neutral strategies, on-chain liquidity is changing rapidly, and short-term volatility risk has increased.
As of September 2nd, 16:00, on-chain monitoring data shows:
ETH whales and foundations have adjusted their positions multiple times, further concentrating the risk of leveraged positions.
The short order position of BTC has increased significantly, with some funds shifting from BTC to short ETH;
SOL Spot is being cashed out by long-term funds, with high leverage long orders active;
WLFI lock-up and Whale profit-taking signals coexist, and the concentration of funds has significantly increased.
The following is an analysis of on-chain fund flows and market trends from September 2 to September 3:
ETH Market Dynamics
1、Whale adjustment and foundation selling
3、Long-term capital movements
Analysis: The on-chain capital flow of ETH is highly active, with foundation sell-offs and large withdrawals indicating an increase in short-term liquidity fluctuations; leveraged funds are concentrated in high-multiple long and short positions, significantly increasing market volatility risk. Long-term whales and institutions are still accumulating on dips, forming a capital game pattern of short-term fluctuations and medium-term accumulation.
BTC market dynamics
1、Concentration of short funds layout
2、Capital Flow and Market Attitude
Analysis: The BTC market lacks new Spot support, with leveraged short positions concentrated. The funding game is biased towards the downside, and the price may continue to fluctuate downwards.
SOL Market Dynamics
Analysis: The short-term fluctuation of SOL's funds has intensified, with long-term funds realizing profits and leveraged funds increasing their positions, forming a hedge. In the short term, it may maintain range-bound volatility.
Other Token Dynamics
1、WLFI
2、PENDLE
3、ENA & MOG
4、AAVE & PUMP
Analysis: The performance of the altcoin market is polarized, with WLFI becoming a focal point for capital concentration, where arbitrage and cashing out coexist; PENDLE and MOG are favored by long-term funds, indicating that liquidity is concentrating towards leading projects.
Market Overview and Trend Analysis
Volatility Continues to Rise: High-leverage positions in ETH and BTC are concentrated, resulting in relatively high liquidation risks in the short term;
The long-term capital outlook remains bullish: The Ethereum Foundation's selling has not changed the long-term capital accumulation trend, with ETH ICO whales and institutions continuously increasing their positions;
Increased Capital Concentration: Tokens such as WLFI have become hotspots for arbitrage and locking positions, while market risk appetite has decreased.
Arbitrage and hedging strategies dominate: Cross-currency hedging is evident, with increased awareness of capital risk avoidance, and it is expected that high fluctuation and volatility will remain dominant in the short term.