Gate on-chain observation ( September 25, ): HYPE market capitalization evaporated 5.3 billion dollars; a Whale ASTER Holdings exceeded 100 million dollars.

From September 24 to 25, a large-scale capital game occurred in the crypto market. ETH saw whales buying the dip, accumulating nearly $1.2 billion, demonstrating strong confidence in long-term value; at the same time, the net selling pressure of HYPE Spot and Perpetual Futures exceeded $660 million, causing prices to fall 30% in a week, with market capitalization evaporating by over $5.3 billion, and chips rapidly rotating among whales; regarding ASTER, institutions and whales continued to withdraw large amounts of tokens and concentrate their holdings, which now account for a significant proportion of the circulating supply. Overall, the capital flow of mainstream assets and emerging tokens shows a divergent pattern, with increased market fluctuation risk.

###BTC Market Dynamics

A certain Whale, after losing 35.84 million USD by going long on ETH and another 7.5 million USD by going short on BTC, has accumulated a total loss of 44 million USD and has chosen to empty their Hyperliquid wallet, transferring the remaining 450,000 USD to a CEX.

· Marked as Abraxas Capital address (0x5b5d) continuously adjusting holdings: reduced BTC short positions by nearly 100 coins, current BTC short position scale is about 293 million USD, total holdings still exceed 846 million USD, but overall floating loss once exceeded 50 million USD.

· A certain HYPE Whale net sold 767,000 HYPE (32 million USD), while buying 55.59 BTC (6.22 million USD), reflecting the reallocation of funds between different assets.

Analysis: The BTC market bears are still dominated by the institutional player Abraxas, but some Whales have begun to shift, moving from HYPE to BTC, indicating an increase in market risk aversion. Overall, BTC is still under short-term bearish pressure, but has the capital support.

###ETH Market Dynamics

· As ETH fell below $4000, a Whale had 9,152 ETH (36.4 million USD) long position liquidated, with total losses exceeding 45.3 million USD.

· Whale address 0x1fc...ed5 has accumulated 23,997 ETH (96.36 million USD) at an average price of 4,078 USD, indicating significant buy the dip action.

· A total of 11 wallets received 295,861 ETH (1.19 billion USD) from CEX, Galaxy Digital OTC, BitGo, and FalconX.

· "Maji" ETH and PUMP long position currently has a floating loss of 21.77 million USD, among which the ETH 15x leveraged long position of 30,000 coins (122 million USD) has a floating loss of 9.92 million USD, with a liquidation price at 3694 USD.

· Abraxas Capital increased its short position in ETH to about 285 million USD, currently facing an unrealized loss of over 41 million USD.

Analysis: The divergence between bullish and bearish sentiment in the ETH market is intensifying. On one hand, high-leverage bulls are frequently being liquidated; on the other hand, Whales are building positions on a large scale, indicating confidence in mid-to-long-term prices. The continued increase in institutional short positions is hedging against the Whale buying the dip, and short-term fluctuations may further amplify.

###SOL Market Dynamics

· Bitcoin-related addresses transferred a total of 113,207 SOL (23.65 million USD) to the trading platform two hours ago, and if sold, it will incur a loss of about 1.81 million USD.

· Abraxas Capital has a SOL short position of approximately 111 million USD, continuously holding without any reduction in holdings.

Analysis: The SOL market is under the short selling pressure from institutions, while large sell pressure may be released, and the price may face pressure in the short term. It is necessary to pay attention to the game between on-chain staking and institutional actions.

###Other Token Dynamics

· HYPE saw a massive sell-off: in the past 7 days, there was a net sell of 283 million USD in Spot, and a net sell of 380 million USD in Perptual Futures, totaling a net selling pressure of 663 million USD, with prices falling by about 30%, FDV evaporating 17.5 billion USD, and market capitalization evaporating 5.3 billion USD.

· A certain HYPE Whale sold a total of 2.441 million HYPE (1.025 billion USD) over the past week, liquidating approximately 48.15% of its Holdings, and currently still holds 2.629 million HYPE (1.104 billion USD).

· Well-known trader TechnoRevenant reduced his HYPE position on EVM, selling 625,000 KHYPE (26.6 million USD) in exchange for HYPE, causing KHYPE to temporarily depeg by 10%. In the past 7 hours, he sold another 377,000 HYPE (16.2 million USD).

· A Whale bought 285,000 HYPE for 6 million USDC on Hyperliquid, currently showing a floating profit of 7.16 million dollars, indicating short-term capital support.

· Galaxy Digital linked address extracted 4 million ASTER (9.2 million USD), Holdings increased to 50 million (11.4 million USD), equivalent to 3% of ASTER Circulating Supply.

· A Whale has withdrawn 26 million ASTER (59 million USD) from Gate, bringing their Holdings to 50 million (115 million USD), with a profit of 9.92 million USD.

· Unipcs.eth is building a position in ASTER, extracting 3.241 million ASTER (7.319 million USD) from Gate.

· Suspected ENA Treasury StablecoinX withdrew 11.87 million ENA (7.2 million USD) from CEX, accumulating increased holdings.

· Plasma will transfer over 1 billion USDT to USDT0 in preparation for the mainnet launch. USDT0 is built on the OFT standard of LayerZero, maintaining a 1:1 peg with Ethereum USDT.

· The GAIN abnormal issuance address exchanged 3 million USD worth of encryption assets for ETH through the cross-chain bridge deBridge and transferred it to Tornado Cash; another Whale bought the dip of 20,200 USD GAIN after the GAIN crash, making a floating profit of 107,000 USD in one hour, with a return rate of 530%.

Analysis: HYPE and ASTER have become the focus of the market. HYPE has seen significant selling pressure and high fluctuations, with the market entering a deep turnover stage; ASTER continues to receive support from institutions and whales, greatly increasing the concentration of chips. The dynamics of USDT0 and GAIN reflect the different paths of stablecoins and emerging tokens in ecosystem expansion and speculation.

###Market Overview and Trend Analysis

· BTC and ETH: The long and short forces are in fierce confrontation. Large buy the dip from ETH whales indicates long-term funds entering the market, while institutional short positions and leveraged long positions being liquidated have amplified short-term fluctuations. BTC still has support under risk-averse funds, but the trend remains cautious.

· SOL: Short-term pressure, institutional shorts and selling pressure may weigh on prices, but if the market warms up, staking and application ecology will still provide support.

· HYPE and ASTER: HYPE has entered a deep adjustment period, with rapid chip rotation. There are significant short-term opportunities, but the risks are extremely high. The institutional increase in ASTER strengthens its long-term potential, but the concentration of chips may lead to liquidity risks.

· Stablecoins and Emerging Tokens: Plasma's USDT0 and GAIN events show that the market is advancing in parallel in stablecoin innovation and new token speculation. Investors need to pay attention to on-chain capital flows and the continuous fermentation of risk events.

###Conclusion

On September 25, on-chain observations revealed a differentiated pattern in the crypto market: ETH and BTC experienced significant fluctuations under a tug-of-war between bulls and bears, HYPE faced pressure and plummeted, while ASTER became the focus of institutional accumulation. As the different strategies of whales and institutional funds continue to collide, market fluctuations may continue to intensify. Investors need to be wary of high leverage risks while seizing short-term opportunities brought by structural capital flows.