Gate on-chain observation ( September 30, ): Tether increased its position by 8888 BTC; Bitmine invested over 100 million USD to increase the position in ETH.

On September 30, the crypto market witnessed multiple significant on-chain movements. Tether continued its end-of-quarter accumulation strategy, once again purchasing 8888 BTC, indicating the stablecoin giant's long-term bullish attitude. Large withdrawals and Whale position building activities frequently occurred on the ETH chain, while Bitmine's continuous increase in the position highlighted institutional confidence. Meanwhile, ASTER and HYPE became the core battleground for intense battles between long positions and short positions, with some Whales and well-known traders experiencing expanded unrealized losses. Overall, market capital competition is becoming increasingly fierce, and short-term fluctuations may further intensify.

BTC Market Dynamics

· Tether withdrew 8888.8 BTC from CEX, worth 1 billion USD, continuing the historical trend of purchasing at the end of the quarter. Previously, in Q1 2024, Tether also purchased 8888 BTC, worth 735 million USD.

· Alameda Research received 500 BTC, worth approximately 57.18 million USD.

Analysis: Tether's continuous buying reinforces Bitcoin's position as a long-term reserve asset, but the short-term market may still be affected by the sentiment surrounding large transfer news.

ETH Market Dynamics

· A newly created address withdraws 6947 ETH from a CEX, worth 29 million USD.

· Whale 0x1fc once again withdrew 2360 ETH from CEX, worth 9.92 million USD, accumulating a total of 29,800 ETH, with a total value of 113 million USD and an average Build a Position price of 3794 USD.

· Bitmine continues to increase the position in ETH, adding 25,300 ETH (107 million USD), indicating that institutions remain bullish.

· Another Whale has unrealized losses of 5.19 million USD on a short position of 20x with 8000 ETH, liquidation price at 4523 USD.

· A Whale opened short positions of 12,372 ETH yesterday and set a stop loss at $4,225 this morning, incurring a loss of $1.6 million.

Analysis: ETH capital inflow is concentrated, institutions continue to hold coins, but the unrealized losses of short positions in the derivatives market are expanding, which may provide potential support for further rise in ETH prices.

Other Token Dynamics

· "Maji Brother" Huang Licheng holds the largest scale of long positions in ETH, XPL, and HYPE on Hyperliquid, with a total position exceeding 180 million USD, but the XPL position has unrealized losses exceeding 7.3 million USD, continuously adjusting the position to average down the cost.

· The Plasma presale large holder transferred 54 million XPL (approximately 63 million USD) to CEX, which may trigger selling pressure.

· Multiple Whales increased their short positions in ASTER, with Abraxas Capital and its sub-addresses adding over a million coins in a single day. Additionally, a Whale withdrew 2.16 million ASTER (4.24 million USD) from a CEX, indicating intense short positions in the market.

· HYPE Whale sold another 260,000 coins, cashing out over 220 million USD in total, with a reduction of over 90%. At the same time, well-known trader James Wynn opened a new HYPE short position, with the shorting logic pointing to unlocking pressure in November.

· Hyperliquid users hold the largest PUMP short position (approximately 44.2 million USD), with unrealized losses of 13.61 million USD, but funding fee income reaches 1.44 million USD.

· "Insider Trader" @qwatio's 20x short position on XRP was liquidated, resulting in a loss of 3.567 million USD.

Analysis: XPL and ASTER have become the main battleground for short positions, with Whales and institutions continuously increasing their short positions; the HYPE Whale's reduction in position continues to suppress prices, and the unlocking pressure amplifies market concerns; the unrealized losses of PUMP and XRP short positions indicate that the risks of high-leverage speculation are concentrating and exploding.

Market Overview and Trend Analysis

Overall, the on-chain capital flow on September 30 shows: Tether's quarterly buying continues to strengthen the reserve asset logic of BTC; ETH's on-chain capital is highly active, with institutions continuously increasing positions and the expansion of short positions' unrealized losses jointly supporting its price center; SOL temporarily lacks large movements, but capital attention has clearly shifted to highly volatile small coins. ASTER and HYPE have become the focus of speculation in the derivatives market, with short positions continuously increasing, and the intense inflow and outflow of speculative funds means that short-term fluctuation risks have significantly increased.

Conclusion

As the end of the quarter approaches and capital reallocations are concentrated, long-term funds in BTC and ETH continue to flow steadily, while the short positions on small-cap tokens are becoming increasingly fierce. Investors need to be vigilant about the risks of short-term volatility while paying attention to the medium- and long-term support brought by institutions continuing to hold coins.