Gate On-Chain Observation ( November 5: Bitcoin mining company MARA reduced holdings by $236 million; the six major whales of HyperLiquid each lost over $40 million.

As the market continues its downward trend toward a critical psychological level, on-chain data reveals intense shifts in the battle between bulls and bears. Over the past two days, whales have accumulated a total of 323,523 ETH, worth approximately $1.12 billion, indicating active institutional positioning at this level. Meanwhile, high-leverage traders have suffered brutal liquidations, with six major high-leverage whale contracts on HyperLiquid reaching hundreds of millions of dollars in profit before all being wiped out, each losing over $40 million on average. The market is searching for a new equilibrium amid a complex interplay of panic selling and institutional buying on dips.

1. BTC Market Dynamics and Analysis

Rapid Strategy Shifts and Quiet Institutional Accumulation

After breaking below the key support of $101,000, Bitcoin shows a complex tug-of-war between bulls and bears:

· “Calm Order King” shifts precisely: After taking profits on short positions last night, this trader opened long positions at $101,600 and $3,390 ETH, and $156 SOL, adding incrementally. They also opened small long positions on UNI and bought some BTC and ETH spot. Total holdings amount to $63.76 million. Currently, they are sitting on a $280,000 (27%) unrealized profit on BTC longs, with an average entry price lowered to $100,500, and a position size of about $20.51 million, demonstrating excellent market timing.

· “BTC OG” whale re-enters: This whale deposited $20 million into Hyperliquid, opening 3x leveraged BTC longs at an average price of $106,000, with a position of about $36.36 million, now showing a $740,000 unrealized loss. They also hold 3x leveraged ETH longs at an average of $3,575, with a position of roughly $17.42 million, currently with a $450,000 unrealized loss. The re-entry of such veteran whales often signals important market cues.

· Miners significantly reduce holdings: Miners like MARA, which had been accumulating Bitcoin, transferred 2,348 BTC (worth $236 million) to platforms like FalconX, TwoPrime, and Galaxy Digital. Their selling pressure during a price decline adds further downside risk.

High-Leverage Longs Face Devastating Liquidations

· DeFi margin positions get liquidated: As BTC drops below $101,000 today, a whale using Aave’s cyclic borrowing to leverage WBTC was liquidated. They had borrowed USDT against WBTC, with total liquidations reaching $31.47 million. Chain liquidations in DeFi protocols can amplify market volatility.

· “100% Win Rate Whale” exits in disaster: This whale’s remaining longs have been liquidated at a loss of $39.37 million. Earlier today, BTC briefly dipped below $100,000, and ETH fell to $3,057, quickly hitting liquidation levels. Since opening longs on October 24, their cumulative loss has reached nearly $40 million, with total account losses of about $30 million, dropping their win rate to 77.7% over 18 trades (14 wins).

· Six high-leverage whales liquidated collectively: On HyperLiquid, six major high-leverage whale contracts all faced liquidation after reaching hundreds of millions in profits, each losing over $40 million on average. One whale, James Wynn, used $21.77 million of capital to reach a peak profit of $87 million, opening a $1.23 billion nominal BTC long position. Ultimately, they not only gave back all profits but also lost their entire principal, going to zero.

2. ETH Market Dynamics and Analysis

Whales Buying Dips, Diverging Bull and Bear Forces

Ethereum shows clear signs of institutional accumulation on dips, but the battle between bulls and bears remains intense:

· Large whale accumulation: Over the past two days, whales bought a total of 323,523 ETH (~$1.12 billion). Such large-scale off-chain accumulation often indicates strong institutional confidence at current levels.

· “CZ Reverse Trader” turns bullish: This whale shifted from shorting ETH to going long, now holding 32,802 ETH (~$1.09 billion). They still maintain short positions in assets like ASTER ($59.7 million) and kPEPE ($11.3 million), reflecting a nuanced view of different market segments.

· “Persistent ETH Bull” flips: This whale’s ETH long position, which had a $2.04 million loss today, was initiated on October 11 after a bottom-fishing move. It once had a peak unrealized profit of over $6 million (~300%), with a high of $71.75 million in position size. Now, they’ve turned to short ETH at an average price of $3,337, with a position of $62.45 million.

Active Institutional Moves

· Large short-sellers turning long: On October 20, a whale borrowed 66,000 ETH to short, then yesterday repaid and made a profit of $24.48 million. They transferred $482 million USDC into centralized exchanges (CEX) and withdrew 144,255 ETH at an average price around $3,341. Such large-scale shifts by institutions warrant close monitoring.

· Bottom-fishing whales continue adding: The “7 Siblings” whale borrowed $61 million USDC to buy 18,053 ETH, spending a total of about $133.5 million USDC over two days to acquire 37,971 ETH at an average of $3,515. Their aggressive leverage indicates strong confidence in a rebound.

· “1011 Insider Whale” increases holdings: This whale added 5,000 ETH and 100 BTC longs, raising total positions to $103 million. They currently face a $4.22 million unrealized loss, with 600 BTC (~$60.88 million) and 13,000 ETH (~$42.61 million).

3. Altcoin Market Dynamics and Analysis

Public Chain Ecosystem: SOL Bulls and Bears in Play

Solana faces severe testing amid the downturn, with whale activity showing clear divergence:

· Continuous staking: A whale withdrew 108,158 SOL (~$1.62 million) from CEX and staked it. Since August 22, 2025, they’ve accumulated and staked 316,826 SOL (~$5.72 million), facing an unrealized loss of about $730,000 at current prices. This indicates confidence in SOL’s fundamentals.

· “Top 100% Win Rate Whale” SOL position heavily in the red: This whale reduced their SOL holdings by 9,000 SOL and still is trimming positions. Their overall open positions now show an unrealized loss of $19.63 million, with a SOL holding of 358,602.47 SOL, liquidation price at $147.8, representing the largest loss in their portfolio.

Meme Coins and Select Projects: Selective Capital Deployment

· Precise profit-taking: A trader bought 5.91 million JELLYJELLY nine months ago for $45,000 and held until recent price surges, selling 2.91 million for $81,350. They still hold 3 million JELLYJELLY worth about $690,000, netting a profit of $1.06 million. They also profited from TRUMP, PNUT, and MELANIA, earning millions.

· Clever whales deploying in ASTER: “ThisWillMakeYouLoveAgain” deposited $4.21 million USDT to buy 4.6 million ASTER at an average of ~$0.915. Previously, they earned over $36 million from PEPE, attracting market attention.

· TRUMP inflows persist: A new wallet, 45fbE, withdrew 421,100 TRUMP (~$3.05 million) from CEX, indicating continued interest despite overall market weakness.

DeFi Tokens Showing Accumulation Signs

· LINK accumulation: Two new wallets added more LINK today—one withdrew 49,640 LINK (~$736,000), another 98,000 LINK (~$1.57 million). Average entry prices around $16.45 suggest long-term confidence.

4. Market Overview and Trend Outlook

Summary: Panic and Opportunity Coexist

The market is at a critical juncture characterized by panic selling and institutional accumulation:

· Institutional inflows: The recent accumulation of $1.12 billion ETH by whales over two days signals strong institutional confidence at current levels. From borrowing to strategic positioning, smart money is quietly deploying.

· Brutal liquidation of high-leverage traders: The collective wipeout of six major high-leverage whales on HyperLiquid clears excess leverage, paving the way for a healthier rebound.

· Frequent shifts in sentiment: From the “Persistent ETH Bull” to the “1011 Insider Whale,” market participants are rapidly adjusting strategies based on price movements.

Trend Forecast: Key Levels Will Decide Short-Term Direction

Based on on-chain data and sentiment analysis, the next 1-3 days may see:

· Bitcoin’s critical battle at $100,000: Holding this level could lead to a rebound toward $105,000–$108,000; a break below might see a decline toward $95,000–$98,000.

· ETH’s institutional support zone: The $3,200–$3,500 range appears to be a key support area, with large whales accumulating here. Watch for sustained buying interest.

· Altcoin rebound opportunities: Strong fundamentals in coins like SOL and LINK could trigger technical rebounds after oversold conditions, but high-leverage longs remain risky.

· Risk warnings: Watch for chain liquidation risks in DeFi cyclic borrowing, potential high-leverage whale liquidations, and the sustainability of institutional accumulation.

5. Conclusion

In just two days, whales have bought $1.12 billion worth of ETH; high-leverage traders have been wiped out in a bloodbath; multiple prominent whales have gone from massive profits to total liquidation—markets are undergoing a brutal redistribution of capital and leverage reset. This harsh clearing not only breeds panic but also lays the groundwork for future healthy growth.

Market cycles tend to repeat: leverage accumulates in euphoria, collapses in panic, and then rebuilds from the ruins. As the “100% Win Rate Whale” exits with a $39.9 million loss, the “Calm Order King” continues to profit from precise shifts, and institutional funds quietly position amid panic, we see contrasting investment philosophies under extreme conditions. In this uncertain environment, retail investors should prioritize risk management and position control over chasing short-term volatility. After all, in this brutal capital game, those who survive long-term are rarely the most aggressive but the most disciplined risk managers.