Gate on-chain Daily Report ( August 25, ): Bitcoin Whale close all positions, ETH stake wave is coming.

In the past 24 hours, on-chain whale funds have remained active, with BTC selling pressure and ETH leverage positions becoming the focal points of market attention. Multiple large-scale dumping and repositioning operations have directly driven significant market fluctuations, with funds also being allocated to tokens such as SOL and LINK. Below are the latest on-chain capital movements and market analysis as of August 25.

Data time interval: August 25, 1 AM – Publication time

Bitcoin (BTC)

Ancient Whale Continues to sell:

In the past four days, a total of 18,142 BTC has been sold, worth approximately 2.04 billion USD;

Currently selling the last 5,968 BTC (worth 670 million USD), of which 4,968 have not yet entered the market;

The entity still holds 67,118 BTC (approximately 7.62 billion USD) on-chain.

Institutional Actions:

BlackRock deposited 1,703 BTC (approximately 190 million USD) into a mainstream CEX.

Market Analysis:

The switching behavior of BTC Whales has become a major source of selling pressure in the market, causing significant price fluctuations; institutional funds are steadily entering the market, but have not yet been able to hedge against the pressure brought by Whale sell-offs.

Ethereum (ETH)

Whale Portfolio Adjustment and Staking:

Whale accumulatively bought 416,598 ETH (approximately 1.98 billion USD);

135,263 long positions in perpetual contracts for ETH (approximately 642 million USD);

Total open position of ETH is 551,861 ETH, worth approximately 2.62 billion USD;

A total of 275,500 ETH has been staked, worth approximately 1.3 billion USD.

Leverage and Liquidation Risks:

"$125,000 rolling position to go long on ETH" Whale's position has been forced to reduce multiple times, and the current floating profit has dropped from $5.5 million to $1.13 million;

Currently holding 14,600 ETH long positions (approximately 67.7 million USD), with the liquidation price less than 50 USD away from the current price, the risk is extremely high.

Multiple whales are frequently making swing trades around $4,700. For example, this morning a whale bought 2,123 ETH at $4,710 and placed a limit sell order at $4,800.

Swing Arbitrage and Institutional Profits:

A certain whale previously exchanged $98.33 million USDT for ETH and today cleared out to profit $51.7 million.

Another Whale short-term arbitrage $2.04 million, currently holding $46.13 million in stablecoins.

Market Analysis:

The capital game for ETH is intense, with leveraged long positions concentrated on the brink of liquidation. In the short term, fluctuations may further amplify; however, in the long term, whale staking and position swapping indicate confidence in the ETH ecosystem, although there is significant pressure in the short-term market.

Solana (SOL)

Large Staking:

Create a new wallet to withdraw 80,254 SOL (approximately 16.28 million USD) and stake.

Alameda's staking address holds 4,737,092 SOL (approximately $953 million), while the FTX liquidator wallet holds 255,076 SOL (approximately $51.27 million).

Market Analysis:

SOL on-chain large staking continues, showing confidence in long-term holdings; however, FTX liquidation funds remain a potential selling pressure point, and investors need to be wary of the risk of fund unlocking.

Other Token Dynamics

AERO: Whale sold 2.038 million AERO for 2.89 million USDC, profiting $1.04 million.

TRX:

Bought 13.73 million TRX (approximately $5.02 million) at TNQsyU address.

Smart Money increased position by 1.414 million TRX (approximately $500,000).

LINK: An established whale has appeared, increasing holdings by 663,000 LINK (approximately $16.85 million).

YGG: Officially repurchased 5.87 million YGG at an average price of $0.17, investing approximately $1 million.

VIRTUAL: A whale spent 785 ETH (approximately $3.76 million) to buy 2.94 million VIRTUAL.

HYPE: Whales have accumulated 96,976 HYPE (about $4.26 million) in the past 5 days.

XPL: Whales have opened leveraged long positions on HyperLiquid, with a total position size exceeding $17 million, and some positions are showing significant floating losses.

Market Analysis:

Some tokens are active, especially TRX, LINK, and YGG, which are attracting the attention of whales, resulting in higher short-term fluctuations; XPL's leveraged positions are concentrated and may become the next volatility amplifier.

Overall Market Interpretation

The continuous dumping of BTC whales is the main reason for the market decline over the past 24 hours. The concentration of ETH leverage is high, and short-term fluctuations may further amplify.

In terms of capital structure, Whales are switching to ETH and heavily staking, indicating that institutions are optimistic about the long-term value of ETH.

The SOL ecosystem has frequent funding staking activities, with a robust long-term logic, but the remaining funds from FTX still pose potential downsides.

In terms of altcoins, tokens like TRX and LINK have gained follow, while some new projects (such as XPL and VIRTUAL) exhibit high risk and high return characteristics.