Gate on-chain observation (November 6: ZEC bulls and bears are in a heated battle; Bitmine has increased its holdings by over 40,000 ETH again.

Over the past 24 hours, the overall sentiment in the cryptocurrency market has shown a polarized pattern. On-chain derivatives data indicates some major whales are deploying short positions at high levels, but leverage risks are intensifying. Meanwhile, Ethereum has seen a significant influx of institutional-grade funds, with multiple institutions and whales continuously accumulating around $3,300, providing strong support.

Altcoin sectors are experiencing active capital rotation. ZEC has become a focal point due to extreme long-short battles, while tokens like ASTER are seeing divergent “smart money” positioning driven by community enthusiasm. The core market tension lies between the liquidation risks of high-leverage positions and the inflow of long-term investment funds. Investors should closely monitor potential chain reactions from tokens with high position concentrations.

BTC Market Dynamics and Analysis

On the Bitcoin chain, signals of long-short battles are becoming more complex. A bankrupt whale, James Wynn, opened a 40x leveraged short position worth $2.22 million at an entry price of $106,339.5 this morning, currently showing a floating profit of $54,000. This high-risk position reflects some market participants betting on a short-term pullback.

Regarding “smart money,” an address labeled “1011 Short Insider Whale” has added 100 BTC (along with 3,000 ETH) to its short positions, with overall leverage at 5x and a nominal value of $20.34 million. It’s currently showing a floating loss of $1.86 million. This address has historically demonstrated strong predictive ability; whether its current loss signals a trend reversal warrants attention.

Additionally, arbitrage whales like “0xcac” are achieving steady profits through a combination of spot buying and futures shorting. Its BTC short position is valued at $15.9 million (20x leverage), with a floating profit of $2.8 million and a maximum weekly drawdown of only 3.7%. This indicates some funds are hedging to withstand market volatility.

ETH Market Dynamics and Analysis

Ethereum activity on-chain is dominated by institutional accumulation and whale rebalancing. The primary holder, Bitmine, has increased its ETH holdings by 40,719 ETH, worth approximately $138.28 million. Another unknown address, “0xca6,” received 4,009 ETH from Galaxy Digital, valued at $13.76 million, bringing its total holdings to 13,281 ETH. Continuous institutional inflows underpin ETH’s price support.

Whale behavior shows a profit of $93.74 million from ETH trading. Recently, one whale added 25,004 ETH (worth $82.6 million) at an average price of about $3,304. It’s common for such whales to take profits after price rallies of a few hundred dollars, which could introduce short-term selling pressure. Meanwhile, “Brother Ma Ji” Huang Licheng increased his 25x leveraged long position to $5.8 million, with a liquidation price of $3,266.07, indicating higher risk.

Long-term holders are also active. A “Top 100% Win Rate Whale” closed its 25x leveraged ETH short this morning, incurring a loss of $1.44 million. Over the past month, this address has accumulated a total loss of $31.47 million on derivatives, highlighting the vulnerability of extreme leverage in choppy markets.

On the ecosystem front, MetaAlpha moved 6,800 ETH (about $2.27 million) from major centralized exchanges into AAVE, reflecting some funds shifting from spot exchanges into DeFi protocols for yield.

Other Altcoin Market Dynamics and Analysis

Public Chain Ecosystem

ZEC has become the most intense battleground today. On Hyperliquid, the top ZEC short position is held with 5x leverage, shorting 50,370.45 ZEC (~$25.56 million) at an average entry of $293.03. It’s currently showing a floating loss of $10.8 million, with a liquidation price of $712.68. Meanwhile, a new wallet deposited 2.19 million USDC three days ago and opened a 5x leveraged long position on ZEC, now with a $2.4 million unrealized profit after the price broke above $500. The large positions on both sides mean any liquidation could trigger significant volatility.

DeFi and RWA Sectors

The 1inch team’s investment fund appears to be influencing token prices through market operations. After transferring 5 million USDC to major exchanges, the 1INCH token rose from $0.152 to $0.196, a 29% increase. Historical data shows the fund has profited from low-buy, high-sell strategies over the past two years, including buying at $0.24 and selling at $0.53 in 2024, and buying at $0.25 and selling at $0.28 in 2025. Such activities may raise concerns about project control and market manipulation.

Meme Coins and Specific Projects

ASTER has seen “smart money” divergence. Abraxas Capital’s sub-address opened a long position at $1.03, now with a 30% unrealized profit (~$490,000). Its main address holds an average entry of $0.91, with a total long position of about $2.4 million. Despite this, Abraxas’s overall position remains predominantly short, with its largest futures position on Hyperliquid covering 12 tokens with a nominal value of around $520 million.

Meanwhile, a whale who bought ASTER after CZ’s endorsement still holds $49.6 million in short positions at an average of $1.2, with a floating profit of $2.23 million (13%). A new address, “0x913,” has bought 2 million ASTER over the past three days at an average of $1.03, worth about $70,000, indicating retail interest continues.

Market Overview and Trend Outlook

Overall, the market currently features a coexistence of institutional allocations and high-leverage speculation. Bitcoin’s short positions have increased but remain manageable; Ethereum benefits from institutional accumulation with solid support at $3,300, though whale profit-taking may cap upside. The altcoin sector, especially ZEC and ASTER, exhibits extreme long-short battles, suggesting increased short-term volatility.

Looking ahead 1-3 days, key levels and risks include:

• ZEC approaching $712, potentially triggering major short liquidations and sharp price swings.
• ETH must hold above $3,300; a break below could trigger liquidations of “Brother Ma Ji” and similar longs.
• ASTER above $1.2 could test short-sellers’ patience; a breakout might accelerate short covering.
• Capital flows may shift toward low-leverage, blue-chip tokens with institutional backing; on-chain net inflows will be key indicators.

Conclusion

On-chain data acts as a mirror reflecting market participants’ behaviors—from distressed whales’ desperate bets, to steady institutional positioning; from “smart money” divergence to community-driven hype. In this intertwined cycle, extreme leverage will eventually be eroded by time, while underlying capital flows quietly write the next chapter. Staying calm and discerning is crucial to capturing fleeting but real signals amid the data tide.