Gate on-chain observation ( September 5th ): BitMine continues to accumulate ETH with the newly created Wallet; WLFI large transfers are frequent.

In the past 24 hours, on-chain funds in the crypto market have continued to see significant liquidity, with ETH becoming the core focus: BitMine and newly created Wallets are continuously accumulating, and 150,000 ETH from early ICO chips are being re-staked, leading to further tightening of exchange inventories; the funding situation for BTC remains relatively calm, with only one donation transfer to Ukraine; in other Token zones, WLFI has seen large transfers and frequent leverage operations, with significant capital movements in ENS, HYPE, and MKR, and the expansion trend of stablecoins shows no signs of stopping, as Tether has minted another 2 billion USDT. Overall, institutions and Whales continue to concentrate on ETH, while the volatility risk for other Tokens is increasing, and the expansion of stablecoins may provide liquidity support for the market. The following are important on-chain developments from September 4 to September 5:

ETH Market Dynamics

1. Institutions and Whales' Large Accumulation

• BitMine obtained 48,225 ETH (205 million USD) from BitGo, continuing to expand its advantage as the leading holding institution.
• A new wallet "0xAF8" withdrew 12,692 ETH (54.84 million USD) from a CEX, and another new wallet "0xC77" received 18,404 ETH (79.45 million USD) from FalconX, indicating a trend of large-scale centralized withdrawals.
• Another newly created address received 3,388 ETH from FalconX, currently holding a total of 18,388 ETH (79.14 million USD).

2. Early chips are becoming active again.

• An Ethereum ICO participant staked 150,000 ETH (656 million USD), having been dormant for 8 years, indicating that long-term chips are returning to on-chain liquidity.

3. Trader Leverage and Selling Pressure

• James Wynn's 25x ETH long position was liquidated for the sixth time, with a remaining position of approximately 130,000 USD and a liquidation price of 4,257 USD.
• Two wallets panic-sold 3,690 ETH (15.6 million USD) bought yesterday due to the drop in ETH, resulting in a loss of 944,000 USD.

Analysis: ETH remains the core target for on-chain funds, with BitMine and newly created wallets continuously accumulating, indicating a long-term layout trend by institutions; early ICO token staking strengthens long-term confidence. However, high-leverage funds frequently face liquidation, and short-term fluctuation pressure persists.

BTC Market Dynamics

1. Donation fund liquidity

• Whale Alert: A donation of 10 BTC (1.108 million USD) transferred to an address related to Ukraine.

Analysis: The BTC funding lacks new large-scale buying, but on-chain funds still maintain long-term trust, and short-term activity is limited.

Other Token Dynamics

1. Large transfers of ENS and HYPE

• 200,000 ENS (4.46 million USD) transferred from the time-lock contract, flowing into mainstream CEX and Galaxy Digital.
• The new Wallet withdrew 309,000 HYPE (14.2 million USD) from the CEX and staked it to FalconX <> Chorus One validators.

2. WLFI Fluctuation Intensifies

• WLFI TOP1 holder (moonmanifest.eth) distributed 79.54 million WLFI to 9 addresses within 18 hours (146.9 million USD), and then transferred another 100 million WLFI (18.24 million USD).
• "Maji Brother" Huang Licheng opened a 5x WLFI long position, holding 10 million coins (1.82 million USD), with an opening price of 0.1822 USD.
• Justin Sun transferred 50 million WLFI (9.12 million USD) to a new Wallet, or flowed to a CEX.
• A certain large holder holds 62.78 million WLFI, with an average purchase price of 0.2313 USD, currently facing an unrealized loss of 3.436 million USD.

3. The flow of funds between MKR and ENA

• Two whale addresses have accumulated a total of 22,753 MKR through FalconX, with 0xb2c7 receiving 14,000 MKR (24.25 million USD) and 0xc230 gaining 8,753 MKR (15.37 million USD) over two months.
• Anchorage Digital's associated addresses have cumulatively deposited 5 million ENA (3.37 million USD) to mainstream CEX, and still hold 13.31 million ENA (8.71 million USD). Previously, Anchorage and Ethena promoted the compliance of the USDtb stablecoin.

4. Stablecoin issuance increase

• Tether has minted another 2 billion USDT, and in the past month, Tether and Circle have collectively issued 12 billion USD in stablecoins.

5. NEIRO selling pressure

• Trend Research has transferred a total value of 18.09 million US dollars in NEIROETH to the exchange in the past 24 hours, with 134 million coins (8.24 million US dollars) deposited into CEX within 10 minutes.

Analysis: The large transfers of ENS and HYPE highlight the actions of institutions and project parties; WLFI has become the core of capital games, with frequent operations by whales and large holders, increasing fluctuation risks; funds are concentrated in MKR, ENA, etc., indicating that some DeFi and emerging tokens have gained capital attention; the expansion of stablecoins provides support for the overall liquidity of the market.

Market Overview and Trend Analysis

On September 5th, on-chain data showed a stark contrast between capital flow and market sentiment: Bitcoin OG whales continued to take profits at high levels, while institutional funds and new whales showed a strong desire for accumulation, indicating that the market is undergoing a deep redistribution of chips. In terms of Ethereum, the concentrated buying by institutions such as BitMine remains the strongest bullish signal, demonstrating firm confidence in the long-term value of ETH. However, at the same time, the high leverage in the derivatives market and the abnormal fluctuations of certain tokens remind investors that short-term risks still exist.

Trend Analysis:

ETH Long-term Accumulation Trend is Obvious: BitMine, early ICO chip staking and institutional withdrawal concentration show that ETH has become the most important asset for capital allocation.

BTC market is stable: There is a lack of new large buy orders, but on-chain donations and institutional holdings confidence remain.

Other Token Divergence: WLFI experiences significant fluctuation, while the liquidity of tokens such as ENS, HYPE, and MKR has significantly increased.

Stablecoin Expansion Enhances Liquidity: Tether and Circle continue to issue more, coexisting short-term market fluctuation risks with abundant liquidity.