Gate on-chain observation ( September 12 ): PUMP "iron head bearish traders" unrealized losses exceed 26 million USD; Galaxy Digital withdraws 554 million SOL.

On September 12, on-chain data monitoring showed that the liquidation risk of BTC and ETH short positions by whales has significantly increased, with some accounts becoming Hyperliquid's biggest losers; there have been large fund operations by whales and institutions in ETH and UNI; Galaxy Digital continues to concentrate on buying SOL, coupled with the unstake transfer of FTX/Alameda, the liquidity changes in the Solana track are particularly noticeable; high-leverage speculation of PUMP and HYPE continues. The following are key on-chain dynamics for September 12:

BTC Market Dynamics

• “40x short positions Whale” increased BTC short positions by 135.11 coins, with a total position size reaching 100.6 million USD, resulting in an unrealized loss of approximately 2.585 million USD. The average opening price is about 112,300 USD, and the liquidation price is 115,200 USD, which is only 1.4% higher than the current price, leading to a sharp increase in liquidation risk. This Whale has accumulated a loss of 43.4 million USD in the past month, becoming Hyperliquid's biggest loser.

• Another Whale switched to short positions in BTC after losing 35.84 million USD on ETH long positions, incurring an additional loss of 5.79 million USD, and was forced to reduce its position, adjusting the remaining BTC short positions to 78 million USD, with the liquidation price raised to 117,510 USD.

• A certain whale's BTC and ETH short positions have an unrealized loss exceeding 8.6 million USD. To avoid liquidation, an additional 8 million USDC margin has been added. Currently holding 2,041 BTC and 500 ETH short positions.

-After 13.1 years of silence, a whale transferred 232.16 BTC (worth 26.56 million USD) to a new address, with an average entry price of only 12.11 USD.

Analysis: The collective floating losses and margin calls of BTC short position whales indicate that high-leverage shorts are facing a chain liquidation risk. If BTC breaks through the key price level again, it may trigger a massive liquidation wave.

ETH Market Dynamics

-A Whale transferred 25,755 ETH (117 million USD) to a CEX, having previously purchased at an average price of 2,649 USD, realizing a profit of 60.5 million USD.

• “Big Brother Ma Ji” Huang Li Cheng further reduced his ETH long positions by 1,800 coins, bringing his holdings down to 23,500 coins, with a liquidation price of $2,994, and an unrealized profit of approximately $3.383 million.

-Radiant Capital hacker transferred 5,933 ETH ($26.7 million) to Tornado Cash. The hacker previously made a profit of $5.1 million through swing trading and currently holds over $180 million.

• Institutions continue to buy ETH, with 3 new wallets receiving 46,347 ETH (204.4 million USD) from FalconX; another new wallet received 18,514 ETH (82 million USD) in a single transaction.

-POAP founder Worthalter sold 2,000 ETH (88.5 million USD), profiting 5.37 million USD, and still holds 41,135 ETH.

-Arthur Hayes transferred 500,000 USDC to Wintermute and received 110 ETH.

• A whale opened a 25x leveraged short position on ETH in HyperLiquid, investing 2.91 million USDC.

Analysis: ETH on-chain shows the coexistence of institutional entry and whale arbitrage, with whales realizing profits as well as high-leverage short positions speculating, intensifying capital competition.

SOL Market Dynamics

-Galaxy Digital is assisting Forward Industries in acquiring $1.65 billion SOL. In the past 24 hours, the amount of SOL withdrawn by Galaxy Digital from CEX has increased to 2.379 million, approximately $554 million.

• A Whale staked 268,395 SOL (60.7 million USD), previously withdrew 270,000 SOL from CEX, and currently has 1,605 SOL remaining.

-FTX/Alameda redeemed 192,000 SOL (43.56 million USD) from staking, expected to gradually transfer to CEX. Since November 2023, a total of 8.98 million SOL has been redeemed and transferred out, with the current staking balance still reaching 4.184 million SOL (960 million USD).

Analysis: Galaxy Digital's concentrated accumulation and FTX's unstaking transfer occurred simultaneously, resulting in significant fluctuations in SOL's spot liquidity, indicating a hedge game between institutional positioning and historical burden funds.

Other Token Dynamics

HOLO: Whale 0x3723 received 10.24 million HOLO (4.71 million USD), has sold 1.52 million for a profit of 915,000 USD, and still holds 8.72 million (4 million USD), with a return rate of 444%. It was later confirmed to be a market maker operation, aimed at stabilizing on-chain premiums.

PUMP:

• The “Iron Head Air Force” 0x880ac address has further reduced its holdings by 17,738,000 PUMP, with a total reduction of 73,387,000 in 6 hours, currently holding a floating loss of over 26,380,000 USD.

• A whale withdrew 1.23 billion PUMP (7.27 million USD) from HyperLiquid to a CEX, preparing to sell. The whale still holds long positions in SOL and short positions in WLFI, as well as staked HYPE.

• Another whale bought 466 million PUMP (2.7 million USD) and 79,257 HYPE (4.5 million USD) on HyperLiquid.

HYPE: A certain Whale continues to position itself in HyperLiquid, with an additional buy order of 800,000 USD ready to purchase more HYPE.

UNI: A whale transferred 5.355 million UNI (52.9 million USD) to an Anchorage Digital address, of which 200,000 UNI has entered CEX, with a profit of 27.5 million USD.

USDT: Tether Treasury minted an additional 1 billion USDT on Ethereum.

ENA: New address withdraws 11.03 million ENA (8.36 million USD) from CEX.

Market Overview and Trend Analysis

BTC short positions Whale suffers huge losses: Multiple accounts are suffering significant floating losses, and replenishing positions to save themselves may trigger further liquidation risks.

ETH Capital Polarization: On one side, institutions and Whales continue to buy, while on the other side, hackers and individual Whales realize profits, leading to increased volatility.

SOL Becomes the Main Line for Institutions: Galaxy Digital focuses on accumulating, Forward Industries strategically increases investment, but FTX's unstake selling pressure is a short-term variable.

High Leverage Token Risk Increased: The whales and market makers of tokens such as PUMP, HYPE, and HOLO operate frequently, making localized liquidation events easy to occur.

Conclusion

The on-chain data from the past 24 hours shows: BTC short positions whales are suffering heavy losses, and liquidation risks are continuously approaching; ETH whales are realizing profits while institutional large-scale buying power coexists, intensifying capital games; SOL is hedged by Galaxy Digital's strategic increase and FTX's unstaking; HYPE, PUMP, and other tokens remain the main battleground for high-leverage speculation. The crypto market presents both short-term risks and opportunities, and investors need to focus on leverage liquidation and institutional capital flows.