Gate on-chain observation ( September 9, ): ETH remains the main asset allocated by institutions and whales; Arthur Hayes' actions attract follow.

In the past 24 hours, on-chain large fund flows have remained active, with ETH continuing to be a key allocation target for institutions and whales; BTC's ancient chips have not seen large-scale movements in the short term, with a trend of portfolio allocation primarily focusing on the ETH and BTC combination; SOL has seen large withdrawals by whales and deposits into Kamino, indicating high fund activity; XRP funds remain stable; among other tokens, WLD, HYPE, AAVE, and MKR have become the focal points of long and short capital battles, with Arthur Hayes' investment actions and whale profit/loss cases drawing significant attention.

The following are important on-chain updates from September 8 to September 9:

ETH Market Dynamics

1. Institutions and Whales Withdraw Coins

-Bitmine has again received 8,000 ETH (approximately 34.41 million USD) from Galaxy Digital, with a total daily withdrawal of 10,319 ETH (approximately 44.57 million USD).

• Two institutional wallets (suspected to be the same entity) withdrew 20,000 ETH (approximately $86 million) from Coinbase Prime and staked it to ether.fi.

• 5 new wallet addresses withdrew 75,000 ETH (worth approximately $323 million) from CEX within 1 hour, distributed across the Ethereum mainnet, Arbitrum, Optimism, Base, and Linea networks.

• BlackRock address transferred 72,370 ETH (approximately $312 million) to Coinbase Prime, suspected to be a sale.

2. Whale Movements

-The 0x67f7 address transferred 47,507 ETH (approximately 207 million USD) to 4 new wallets after being idle for 4 years.

-0x19bA starting whale address withdrew 5,000 ETH (approximately 21.77 million USD) from CEX.

• Longling Capital (under Cai Wensheng) withdrew 5,000 ETH (approximately 21.57 million USD) from CEX.

3. Capital Operations and Hedging

• Whale deposited 2,929.6 ETH into HyperUnit and sold at an average price of 4,315 USD to exchange for 12.64 million USDC.

-Matrixport associated wallet address deposited 15,000 ETH (approximately 64.67 million USD) into CEX.

• The Whale collateralized 10,345 ETH through Aave and borrowed 20.08 million USD stablecoin, health factor 1.84.

Analysis: ETH continues to be the main asset for institutions and Whales. In the short term, there is a coexistence of outflows from exchanges and selling pressure from institutions, which may intensify volatility; in the long term, staking and accumulation behaviors have strengthened the tight supply-demand situation of ETH.

BTC Market Dynamics

1. Institutional Buying and Portfolio Allocation

• BlackRock transferred 266.79 BTC (approximately 29.88 million USD) to Coinbase Prime.

• A single institutional address withdrew 692 BTC (approximately $77.32 million) from Galaxy Digital.

2. Ancient Chip Fluctuation

-BTC historical chip activity is limited, still in a quiet phase in the short term, with sporadic small transfers.

Analysis: The new buying pressure for BTC is limited, but it remains a core component of institutional portfolios; the activity of ancient chips is low, and short-term trends are more influenced by the speculation of derivative funds.

SOL market dynamics

• Two whales withdrew 376,076 SOL (approximately 8.07 million USD) from CEX and deposited it into Kamino.
• Hyperliquid Whale account holds long positions in ETH, SOL, and XRP, accumulating an unrealized profit of 750,000 USD, with a total profit of 22,930,000 USD.

Analysis: SOL has seen large withdrawals and DeFi deposits, indicating high capital activity; short-term selling pressure is limited, and ecosystem capital inflow may provide support for the price.

XRP Market Dynamics

-XRP on-chain has not yet seen significant selling pressure or concentrated actions from whales.

-Hyperliquid Whale account holding XRP long position is in a floating profit state.

Analysis: XRP maintains a volatile market, with no significant abnormalities in on-chain funds, and the trend is still influenced by the macro market and overall capital flow.

Other Token Dynamics

1、WLD

-Whale accumulated and cleared WLD for a profit of 8.88 million USD in 12 days, achieving a double return.

• The liquidator of Three Arrows Capital, Teneo, has sold another 2.25 million WLD (approximately 2.88 million USD) and still holds 52.47 million.

• Address 00x7fda added WLD airdrop of 1.49 million USD, currently floating loss of nearly 5 million USD, liquidation price 5.372 USD.

2、HYPE

• A Whale deposited 2,930 ETH into Hyperliquid and after selling, purchased 209,000 HYPE and converted it into a unilateral directional position.

• Multiple whale addresses are accumulating HYPE, with a total purchase amount exceeding 17 million USD.

-HYPE individual holding leaderboard address position value has risen to 75.93 million USD.

3、AAVE

• Withdraw 50,000 AAVE (approximately 15.07 million USD) from the new address on CEX.

• Whales continue to extract AAVE, with clear accumulation signals.

4、MKR

-25,562 MKR (approximately 42.6 million USD) transferred from Anchorage Digital custody address to institutional business platform, or flowed into CEX; unrealized loss of approximately 10.38 million USD.

5. Others

-SOMI Whale bought low and sold high for an arbitrage of about 500,000 USD, with a yield of 160%.

-FTT Whale deposited 4.516 million FTT to CEX, facing a loss of 4.416 million dollars.

-GSR related address shorted Launchcoin was targeted and liquidated, with a loss of approximately 4 million dollars in 24 hours.

Analysis: WLD and HYPE are the main battlegrounds for short-term capital games, with severe fluctuations; AAVE is being continuously increased in position, showing signs of capital chasing; MKR faces pressure from institutional sell-offs.

Market Overview and Trend Analysis

Institutional Accumulation and Centralized Allocation: ETH is the main target for institutions and whales, while BTC still occupies a core position in portfolio allocation.

Capital Rotation and High Volatility: Emerging tokens such as WLD and HYPE have become hot spots for speculation, with significant short-term volatility risks.

DeFi and Ecosystem Driven: The funding activity of SOL and AAVE shows that the DeFi sector is still being followed.

Compliance and Risk: FTT, MKR funds flow to CEX, indicating that some institutions may be evading compliance risks or cashing out.

Short-term outlook: The long-term logic for ETH and BTC remains solid, but high leverage and short-term arbitrage are active, which may lead to increased market volatility; short-term tokens such as WLD and HYPE need to pay attention to the risk of capital long and short game.