Gate on-chain observation ( August 28, ): stablecoin issuance exceeds 1.25 billion coins, Bitcoin OG Whale cashes out in large amounts for the first time in 12 years.

In the past 24 hours, on-chain data shows a divergence in market behavior: Bitcoin OG whales and the Ethena project party's multi-sig addresses have made large cash-outs, while Ethereum (ETH) has attracted continuous building of positions from multiple whale addresses. At the same time, the large-scale issuance of stablecoins and the drastic fluctuations of niche tokens like XPL have created a complex situation of intertwined longs and shorts. The large-scale ETH accumulation behavior of BitMine company is noteworthy, indicating institutional optimism about ETH in the long term.

ETH Market Dynamics

Institutions and whales continue to build a position:

In the past 24 hours, BitMine (BMNR) has consistently increased its holdings, receiving a total of over 179,000 ETH (approximately $810 million) from FalconX, bringing its ETH reserves to as high as 1.893 million ETH. Additionally, four new wallets related to BitMine have accumulated nearly 110,000 ETH from FalconX. Meanwhile, a certain Whale Address has continuously built a position over the course of two days, with its ETH long position valued at $392 million, at an average opening price of $4,608.

Some whales take profits:

Despite the bullish sentiment, some whales have chosen to take profits. A certain ETH whale address reduced its holdings by 4,000 ETH (approximately 17.8 million USD) and made a profit of 476,000 USD. Additionally, the founder of infini is also suspected of selling 2,477 ETH (approximately 11.66 million USD), nearly liquidating their position.

High Leverage Trading Risks Highlighted:

A Whale who "rolled over $125,000 to go long on ETH" has again lost $72,000 as the price retraced, with their high-leverage long position facing extremely high liquidation risk.

Analysis: The continuous large-scale purchases of ETH by institutional investors and some whales indicate their strong confidence in the future development of the Ethereum ecosystem. The massive stockpiling actions of companies like BitMine provide solid bottom support for the ETH price. However, the presence of profit-taking at high levels and high leverage positions also increases the risk of short-term fluctuations in the market.

BTC Market Dynamics

OG Whale Sell-off Profit:

Multiple Bitcoin OG Whale Addresses detected on-chain have chosen to cash out at high positions after holding for many years. Among them, a whale that purchased 5,000 BTC at a price of $332 twelve years ago deposited 250 BTC (approximately $28.29 million) into a mainstream CEX. Another whale that has held for 12 years also deposited 750 BTC (approximately $83.11 million), achieving an investment return rate of up to 907 times.

New Whale's Continuous Buying:

In contrast to the old whale's sell-off, a new whale has accumulated 500 WBTC (approximately $55.4 million) through withdrawals and on-chain lending in the past day, with an average price of about $110,762.

Analysis: The sell-off by Bitcoin OG Whales is an important signal for the crypto market. Their profit-taking actions have increased short-term market selling pressure, but their selective selling rather than liquidating all positions indicates that they still have confidence in Bitcoin's long-term value. The entry and continuous buying by new Whales have injected new liquidity and upward momentum into Bitcoin, suggesting a new round of capital inflow.

Other Token Dynamics

HYPE/XPL Market Fluctuation:

HYPE and XPL experienced extreme fluctuations on the Hyperliquid platform. The Whale address "qianbaidu.eth" purchased a large amount of 81,572 HYPE, while XPL became the battlefield for long and short positions. One address profited over 46.1 million USD through coordinated attacks to hedge short positions, with the dominant address's floating profit reaching several million dollars at one point. Meanwhile, short sellers have also deposited large amounts of USDC to avoid liquidation, indicating extreme uncertainty in the market.

DOLO Launch Effect:

As mainstream CEXs announced the launch of DOLO, a new wallet transferred 15 million DOLO (approximately 4.47 million USD) to mainstream CEX 36 minutes before the launch, possibly preparing for a sell-off after the launch.

Large Asset Transfer and Settlement:

SharpLink (SBET) transferred 23.46 million USDC to Galaxy Digital, possibly for increasing ETH holdings. A certain Address also transferred 200 million PENGU to mainstream CEX, having previously transferred a total of 765 million, with an average transfer price of 0.035 USD.

Massive Issuance of Stablecoins:

Tether and Circle have minted over 1.25 billion stablecoins in the past 24 hours. In the past month, the total issuance has reached 8.75 billion dollars. Generally, the issuance of stablecoins is seen as a bullish signal, indicating that more funds are preparing to flow into the crypto market.

Analysis: The other token markets exhibit a high level of speculation. The drastic fluctuations of tokens like XPL and HYPE are the result of high leverage and whale games, and ordinary investors should be wary of such risks. The continuous issuance of stablecoins, on the other hand, provides a positive signal at the macro level, indicating that market liquidity is continuously increasing, laying the foundation for potential future upward trends.

Market Overview and Trend Analysis

On August 28, on-chain data depicted a complex picture of intertwining bulls and bears, as well as the replacement of old and new forces. The profit-taking by Bitcoin OG whales coexists with the continued buying by institutions, indicating that market chips are undergoing a significant turnover. In terms of Ethereum, the massive accumulation behavior by institutions like BitMine is the biggest bullish signal, showing their strong belief in the long-term value of ETH. However, the high leverage risk and the extreme fluctuations of certain tokens also remind investors that the market is still full of uncertainty in the short term.

Trend Analysis:

1. Short-term fluctuation risk: With the selling of OG whales and the speculation of high leverage positions, the market may face a short-term correction.

2. Long-term bullish trend: The large-scale issuance of stablecoins, the continuous buying of ETH and BTC by institutions, and the active participation of new whales all provide solid fundamental support for a long-term bull market in the crypto space.

3. Asset Rotation: The market may rotate funds between mainstream coins and high-heat tokens, and investors need to closely monitor the flow of funds.