Gate on-chain observation ( October 10 ): Huang Licheng closes positions in XPL, ASTER, and PUMP with losses exceeding 20 million dollars; BSC ecosystem Meme fully explodes.

On October 10, the on-chain capital flow showed a stark contrast between "institutional calmness and retail investor enthusiasm": Bitcoin and Ethereum whales frequently increased their short orders at high levels, indicating that the market's short-term sentiment is becoming cautious; meanwhile, the trading heat of Meme coins in the BSC ecosystem exploded, with currencies such as "Xiu Xian" and "SCI6900" triggering a new round of big pump行情. At the same time, some whales and well-known traders (like BobbyBigSize and Huang Licheng) experienced significant fluctuations in their positions, and the high leverage risk in the derivation market has significantly increased.

BTC Market Dynamics

· A certain ancient Bitcoin whale deposited 30 million USDC into Hyperliquid, opening a 12x short order on Ether, with a position size of 76,242 ETH (approximately 330 million USD), and a liquidation price of 4613.7 USD.

· A Bitcoin OG increased their BTC short position to 5,000 coins (approximately $604 million), with leverage raised to 8 times; subsequently, they added another short of 3,500 BTC (approximately $420 million), bringing the total position value to over $1 billion. This Bitcoin OG is suspected to be linked to Trend Research under Yi Lihua: Wallet 0x52d3 received a transfer from them and deposited 1.31 million USDC to Trend Research. The current holdings stand at 3,600 BTC ($438 million), with an unrealized loss of $3.66 million and a liquidation price of $139,900.

Analysis: BTC whales are concentrating on increasing their short orders, indicating that high-level pressure in the market is becoming evident. Institutions such as Trend Research have associated signs suggesting that some top funds are hedging against potential risks.

ETH Market Dynamics

· The new wallet received 23,823 ETH (103.96 million USD) from BitGo, or belongs to BitMine.

· The ETH whale that built a Position at $4480 three weeks ago is suspected to have capitulated today, recharging 2507 ETH (worth $10.86 million) to the CEX, possibly incurring a loss of $373,000.

· Early sleeping whales have become active again, investing 6098 ETH (26.68 million USD) into ETH 2.0 staking, with a total profit of 24.29 million USD.

Analysis: The on-chain activity of ETH is rising, and the entry of BitMine along with old whales shows that institutional confidence still exists, but some short-term surrender signs suggest partial profit-taking behavior.

High Leverage and Derivation Dynamics

· Whale BobbyBigSize address (0x7fd) continues to take profits on ASTER 3x short order, reducing the position by 1.155 million coins, with a total account position of about 170 million USD, weekly profit of 20.46 million USD, and current floating profit of 9.14 million USD. This address also holds short orders for HYPE, XPL, and SOL, with a monthly win rate exceeding 75%, and is referred to by the market as the "Commander-in-Chief of the Air Force."

· James Wynn address (0x8da) opened a 40x BTC long position, liquidation price $107,800, position $246,000; win rate dropped to 26.5%.

Analysis: The derivatives market exhibits a coexistence of high leverage and high fluctuation, with some well-known traders frequently operating in high-risk areas, and there is still no consensus on the short-term direction.

Meme and Speculation Sector Dynamics

· Meme Rush is highly popular, with a net inflow of 500,000 USD within 1 hour, a rise of over 40%, a transaction volume exceeding 120 million USD, and a market value that once reached 36 million USD.

· "Cultivation" Top 100 Position Occupancy Ratio 50%, smart money net inflow is明显.

· BNBHolder market value reported at 36.44 million USD, with a trading volume of 495 million USD since its launch; a trader who bought in for 705.8 thousand USD is currently down 66%.

· The new coin "SCI6900" surged 440% within two hours of launch, with a trading volume surpassing "Cultivation" in 6 hours, and a market value of 21 million USD; Haze, the founder of GMGN.ai, holds the second largest position with a floating profit of over 23 times. Haze stated, "The purchase is just for testing, I will not sell," which drew market attention after CZ retweeted the comment.

Analysis: The BSC ecosystem Meme craze continues to ferment, with participation from KOLs and Whales amplifying market sentiment. High concentration and extreme fluctuation characteristics highlight the coexistence of risks and opportunities.

Whale and Celebrity Position Tracking

· "Maji" Huang Licheng cut losses and closed positions in XPL, ASTER, and PUMP, incurring a loss of 21.53 million USD, with a withdrawal of 40 million USD in profits within 20 days; currently still holding the largest ETH long position on Hyperliquid (29,600 ETH, 12.9 million USD, liquidation price 4,058 USD) and HYPE long position (385,000, 17 million USD).

· "Maji" newly opened XPL 5x long position (500,000 coins, 375,000 USD), attempting to set up for a rebound.

Analysis: The high-risk long position strategy of "Maji" continues, with ETH and HYPE likely becoming the focus of long and short positions. Short-term funds may continue to fluctuate around their Position.

Solana and Pump.fun Dynamics

Pump.fun In the past 24 hours, only 2 graduate tokens have a market value exceeding 1 million US dollars, indicating a significant cooling of the speculation frenzy on the Solana blockchain.

Analysis: The popularity of Solana has temporarily slowed down, with more market funds flowing into the BSC ecosystem's Meme sector, and the short-term speculative focus has clearly shifted.

Market Overview and Trend Analysis

On October 10, the market entered a high fluctuation zone: BTC and ETH whales are shorting, while institutions may be hedging at high levels; at the same time, the BNB ecosystem meme coins have surged, with retail investor sentiment soaring. The derivation sector represented by HYPE, ASTER, and XPL has become the main battlefield for shorting, while new coins like "修仙" and "SCI6900" provide emotional support for short-term bulls. Overall, the market's funding structure is severely differentiated, and the short-term trend may seek direction amid intense fluctuations.

Conclusion

The on-chain capital flow remains active, with a stark contrast between the hedging operations of whales and institutions and the enthusiasm of retail investors. As high leverage positions continue to increase, the market fluctuation risk has significantly risen. Short-term opportunities frequently emerge, but the risk exposure simultaneously expands, requiring investors to maintain restraint and calmness between greed and fear.