Gate on-chain observation ( August 29 ): ETH high leverage long positions are liquidated, SOL and LINK are continuously accumulated by institutions.

The on-chain data over the past 24 hours shows that the crypto market is experiencing a differentiation of funds amid high fluctuation. ETH whales continue to adjust their positions, putting short-term trends under pressure; SOL staking behavior is concentrated, indicating bullish signals from institutions; there is no significant unusual on-chain movement in the BTC market; XPL trading events are exacerbating market risks, with cross-platform price differences widening. Aside from mainstream tokens, medium-sized tokens like FORM, LINK, and HYPE are seeing a significant increase in activity driven by funds. Overall, the market is in a Bitcoin sideways pattern, with short-term trading opportunities concentrated on a few hot tokens, but risks are rising concurrently.

ETH market dynamics

Whale Stop-Loss and Liquidation Risk Mitigation

As the ETH price approaches the liquidation level, a whale has closed 28,959 ETH (approximately 126 million USD) long positions within half an hour and currently still holds 57,800 ETH (251 million USD), with the liquidation price dropping to 4,233 USD.

The ICO address that has been dormant for ten years awakens

The address 0x42D3 invested only 49 dollars in the ICO to purchase 158 ETH (currently valued at 694,000 dollars) and first transferred out 0.01 ETH for testing on August 28.

Large Capital Inflow and Reallocation

-Whale withdrew 17,836 ETH (79.77 million USD) from mainstream CEX.

-Mainstream CEX hot wallets transferred 329,444 ETH ($1.48 billion) to new addresses, suspected to be internal transfers.

• Four whales have cumulatively bought 357.2 million USD in ETH through FalconX in the past two days.

• Address 0x746...D4561 deposited 2,500 ETH, if sold can profit 4.76 million USD, currently holding 2,625 ETH.

Analysis: The flow of funds from institutional players and whales in the ETH market has accelerated, indicating that the market is oscillating at high levels. In the short term, there is significant pressure in the $4,200 - $4,300 range, and prices may maintain a fluctuating consolidation.

BTC market dynamics

In the past 24 hours, there have been no significant on-chain transfers of BTC or concentrated actions by whales, and the market is generally in a sideways consolidation, with funding sentiment being cautious.

Analysis: The funding situation for BTC is stabilizing, with short-term fluctuations being more influenced by ETH and macro sentiment.

SOL market dynamics

Institutions continue to stake

A certain Whale/institution staked 2,500,000 SOL (USD 506 million) within 8 days, with funds coming from mainstream CEX withdrawals.

Another long-term holder has deposited 110,036 SOL ($23.51 million) into a mainstream CEX and has redeemed a total of 315,108 SOL ($53.59 million) over the past 5 months.

Analysis: The long-term capital layout of SOL is evident, and institutional locking has strengthened the medium to long-term rise expectation, although some chip unlocking may bring short-term selling pressure.

XRP market dynamics

In the past 24 hours, the on-chain capital flow of XRP has been relatively calm, with no significant whale activity.

Analysis: XRP market sentiment is stable, in a range consolidation phase, with capital attention temporarily focused on other hot tokens.

Other Token Dynamics

XPL Trading Event Upgrade

Whales previously profited $16 million by manipulating the Hyperliquid order book, and currently hold $31 million in long positions across 15 addresses, with an average position price of $0.7.

Hyperliquid XPL contract price is 1.013 USD, mainstream CEX price is 0.79 USD, and the cross-platform price difference is widening.

New wallet continues to inject USDC, XPL long position concentration is high.

Analysis: Signs of manipulation are evident, and risks are high.

FORM Whale Arbitrage

Whales accumulated 30.03 million FORM in early July (average price 2.76 USD), current price 3.72 USD, realizing a profit of 28.82 million USD.

Analysis: The short-term turnover rate of FORM has risen, and the price may face pullback pressure.

LINK Accumulated Buy Orders

Three addresses purchased a total of 561,000 LINK (13.5 million USD) on August 17, with an unrealized profit of 1.43 million USD.

Analysis: LINK's funding continues to improve, with strong buying support.

HYPE Accumulation Signal

Two addresses purchased 175,130 HYPE (8.47 million USD) in the past 12 hours.

Analysis: Short-term capital heat is significant, and volatility may continue to rise.

UNI Capital Allocation

The new wallet has withdrawn 408,557 UNI (4 million USD) from major CEX, further actions are to be observed.

WLD Concentrated Holdings

New wallet withdraws 9,320,000 WLD ($8.85 million), concentration of funds increases.

Market Overview and Trend Analysis

On August 29, on-chain data shows a structural differentiation in the crypto market. On one hand, mainstream and high market cap tokens such as Ethereum, SOL, and LINK are experiencing continuous accumulation and locking by institutions and whales, providing solid fundamental support for the market. On the other hand, the dramatic fluctuations of high-leverage traders and speculative tokens have increased short-term market uncertainty.

Trend Analysis:

Short-term fluctuation risk: Although high leverage positions face liquidation, this is a healthy process of market de-bubbling. The continuous inflow of steady funds indicates that after the market completes its adjustment, there is still potential for a rise.

Institutional Preference: The on-chain behavior of institutions and whales indicates that they prefer assets like ETH, SOL, and LINK, which have clear application scenarios and ecological foundations, rather than meme coins or low market cap tokens that are completely driven by speculation.

Volatility Shift: Bitcoin enters a consolidation phase, and market volatility is shifting toward Ethereum and other fundamentally supported assets, which may signal the arrival of "altcoin season."