Gate on-chain observation ( September 4th ): Ethereum ETF fund inflows and institutional holdings reach recent highs; AAVE whales continue to increase the position.

In the past 24 hours, significant on-chain capital flow has reappeared in the crypto market, with ETH becoming the focus of capital attention. Bitmine, ETF capital inflows, and institutional withdrawal amounts have reached recent highs; large purchases of AAVE continue to appear, with obvious signals of whale coin hoarding. The activity of high-net-worth BTC addresses has increased, and ancient chips have shown unusual movements again. The selling pressure of tokens such as SOL and WLFI has risen, and the USDT freezing incident has raised compliance concerns. Overall, the liquidity concentration of major assets has increased, with short-term fluctuation risks coexisting with institutional layout trends.

The following are important on-chain developments from September 3 to September 4:

ETH Market Dynamics

1. Institutional capital concentrated buying

• Bitmine received 80,325 ETH (approximately $358 million) from Galaxy Digital and FalconX in the past 24 hours, increasing its holdings to 1,947,299 ETH (approximately $8.69 billion), a growth of over 4% compared to August 31.
• In the past 45 minutes, Bitmine received 14,665.5 ETH (65.32 million USD) from Galaxy Digital again, and the current holding value has reached 8.32 billion USD, which is 2.23 times that of the second largest holding entity, SharpLink.
• 3 newly created addresses withdrew 65,662 ETH (29.3 million USD) from FalconX, and another single address independently withdrew 15,000 ETH (6.611 million USD), indicating that institutions are continuously accumulating large amounts.

2、Exchange reserves continue to decline

• Since September 2022, ETH exchange reserves have decreased by over 10.7 million coins, currently standing at approximately 17.4 million coins, with a net outflow of over 2.5 million coins in three months.
• Since the launch of the ETH spot ETF in July 2024, net inflows have exceeded 13 billion USD, with a record monthly peak of 5.4 billion USD in July.

3. Increase in Corporate and Bond Demand

• At least 17 listed companies have included ETH in their balance sheets, with a total holding of over 3.6 million coins.
• Analysts say that ETH is both a macro asset and a productive asset that can generate income, solidifying its reserve status through staking and L2 applications.

Analysis: ETH has become the core target for on-chain funds and institutional layouts. The rapid increase in positions by leading institutions like Bitmine and the large-scale inflow of ETFs indicate strong long-term demand; the downward trend in exchange inventories reinforces expectations of spot scarcity, and ETH fluctuations may intensify, but the long-term supply-demand structure is bullish.

BTC Market Dynamics

1、Ancient Chip Anomaly

• A dormant wallet for 12.8 years transferred 0.25 BTC (about 28,000 USD) and still holds 479.44 BTC (about 53,560,000 USD), with on-chain historical chips being activated again.

2、Institutional Withdrawal and Liquidity Concentration

• A single newly created Address withdrew 692 BTC from Galaxy Digital, with a total value of 77.32 million USD.
• Large BTC withdrawals combined with the ETH accumulation trend indicate that institutions are adopting a portfolio allocation strategy between BTC and ETH.

Analysis: The BTC market lacks new large-scale buying, but historical chip activation and institutional withdrawal behaviors show that the market still has confidence in BTC's long-term prospects. Short-term fluctuations are mainly influenced by adjustments in derivative positions.

SOL Market Dynamics

• Rollbit Treasury associated Address sold 50,000 SOL (approximately 10.17 million USD) after being dormant for 2 years, with an average purchase price of only 24.6 USD, resulting in a profit of over 8 times.
• Long-term cashing out actions highlight the intention of phased profit-taking, SOL may face short-term upward pressure.

Analysis: SOL's cost advantage chips are being cashed out in large amounts, with high selling pressure rising, but the active funds in the ecosystem still provide support, and short-term fluctuations may widen.

Other Token Dynamics

1、AAVE Whale continues to accumulate

• Institutions have hoarded 191,000 AAVE in three weeks, with a total value of 61.03 million USD, and withdrew 128,905 coins (40.83 million USD) from exchanges in just four days.
• Whale Address 0xF436 has accumulated withdrawals of 167,451 AAVE (53.65 million USD) in the past week, with positions continuing to expand.

2、WLFI Market Maker Team Expansion

• Cumberland received 10 million WLFI (2.05 million USD) from BitGo, with frequent on-chain interactions, or joined WLFI for market-making. If the news is true, WLFI has gathered three major market makers: DWF, Jump, and Cumberland.
• A certain Whale bought 7.4 million WLFI (2 million USD) 3 days ago, currently facing a Fluctuation loss of 650,000 USD.

3、PUMP、UNI、MKR、SPK fund flows

• Whales long PUMP with 3x leverage and bought 153,975 UNI, 276.78 MKR, and 4.85 million SPK for liquidity deployment.
• Another whale has accumulated 8,753 MKR (average price of 1,948 USD) in coin hoarding over the past two months, currently facing a floating loss of 1.42 million USD.

4、NEIRO on-chain fund concentration

• The Trend Research address under LD Capital has deposited 77.9 million NEIRO (6.04 million USD) to CEX, making it the largest holding entity.

5、USDT Compliance Event

• Tether froze 11 addresses with a total of 6.45 million USDT, possibly due to law enforcement cooperation and theft prevention.

Analysis: AAVE funds are concentrated in Coin Hoarding, showing that DeFi blue chips have long-term attention from institutions; WLFI market-making ability has strengthened, and short-term fluctuations may intensify; USDT Compliance freezing reflects the ongoing tightening of regulatory scrutiny on stablecoin liquidity.

Market Overview and Trend Analysis

Institutional Accumulation Trend Strengthens: Bitmine, ETF, and public companies' allocations indicate that the long-term logic of ETH is solid, and the funds for BTC also remain concentrated in high net worth.

On-chain liquidity concentration: AAVE and WLFI have become the main funding aggregation targets, while other tokens' fluctuations are more affected by single large capital movements.

Regulatory and Compliance Risks Emerge: The Tether freezing incident highlights the trend of fund transparency, which has a balancing effect on cross-chain and black-grey capital chains;

Short-term market fluctuations may expand: Large withdrawals and high leverage positions overlap, and the short-term market may be in a high fluctuation range, while the mid-term logic still leans bullish.