Gate on-chain observation ( October 27 ): Whale long positions unrealized gains exceed 200 million USD; BTC breaks 115,000 USD and short positions face a bloodbath.

In the past 24 hours, the Crypto Assets market has experienced a comprehensive breakout driven by macro Favourable Information. Bitcoin has broken through the key resistance level of $115,000, and Ethereum has regained the $4,200 mark. The conclusion of the China-US trade framework agreement and expectations of a Fed interest rate cut have jointly ignited market long positions sentiment. On-chain data shows that Whales are the biggest winners in this round of pump, with the '100% win-rate Whale' having unrealized gains of over $17 million on a long order worth $338 million, while the '1011 insider Whale' associated address's overall unrealized gains also exceed $15 million. The derivation market's short positions have faced a brutal liquidation, with the total liquidation amount across the network reaching $486 million, of which short order liquidations accounted for $394 million, a staggering 81%.

1. BTC Market Dynamics and Analysis

Whales dominate the market with long positions, short positions are in disarray

The Bitcoin market exhibits typical characteristics driven by whales, with the unrealized gains of multiple top traders' large long positions continuing to expand.

· “100% win rate Whale” steadily profits: This Address currently holds a long position of 1482.9 BTC, worth $165 million, with an opening price of $110,680.1. At the same time, it holds a long position of 40,043.81 ETH, worth $168 million, with an opening price of $3,929.76. As BTC breaks through $115,000, its overall unrealized gains have approached $18 million, demonstrating precise position management and timing ability.

· “1011 Insider Whale” continues its winning streak: The associated address “0xc2A” has an overall unrealized gains on long orders exceeding 15 million USD, with unrealized gains on Bitcoin long orders exceeding 5.8 million USD and unrealized gains on Ethereum long orders exceeding 9.5 million USD. Since October 14, this address has achieved multiple consecutive profits, and its precise judgment against the market has attracted widespread attention.

· Active Whales High-Leverage Go Long: Whale starting with 0x960 opened a long order on BTC with a 10x leverage at an average price of 115,000 USD, then increased the leverage to 15x, with a nominal position value of approximately 21.46 million USD. During the same period, this address opened a long order on ETH with a 15x leverage at an average price of 4,248 USD, with a nominal position value of approximately 15.56 million USD, forming a double long positions layout.

Institutional funds are actively positioning

· New Wallet Large Accumulation: Two newly created wallets withdrew 820 BTC from CEX, worth $94.32 million. Such large accumulations in new addresses usually signal new funds entering the market or the establishment of institutional-level positions.

· Swing traders continue to increase their positions: The smart money address 0x6e1…90733 has once again increased its position in WBTC, with unrealized gains of $747,000 since the start of this round of swings on October 21. This address spent 10 million USDT to buy another 88.6143 WBTC at an average price of $112,846, holding a total of 271.73 WBTC, worth approximately $30 million.

Short positions suffered heavy losses

· The entire network's liquidation is concentrated in short positions: In the past 24 hours, the total liquidation on the network reached $486 million, of which short orders accounted for $394 million, accounting for 81%. Bitcoin short order liquidations were $183 million, while long order liquidations were only $13.27 million, with a short-to-long liquidation ratio exceeding 13:1, indicating that the short camp suffered a devastating blow.

· High leverage short positions are at risk: The counterparty of the “100% win rate Whale” Address, which has a 40x short order on Bitcoin, has already realized unrealized gains of $3,245,000, with a liquidation price of $116,914.8. If the market continues to rise, such high leverage short positions may trigger a chain liquidation.

2. ETH Market Dynamics and Analysis

Whales take profits on long positions as the price breaks through $4200

Ethereum has strongly rebounded above 4200 USD, with a daily rise of over 3%. Whale operations show a complex situation of profit-taking and bullishness coexisting.

· Huang Licheng precisely takes profits: Huang Licheng has gradually closed ETH long positions in the range of 4068 to 4200 USD, having reduced holdings by a total of 1 million USD. Currently, the ETH long position still stands at 9.26 million USD, with an unrealized gains rate that once exceeded 240%. His operation demonstrates a precise grasp of short-term price peaks, increasing the principal from 460,000 USD on the 23rd to the current 1.92 million USD, achieving an astonishing return.

· Whale High-Position Selling: Whale 0xb927 sold 5,000 ETH ($21 million). In the past 40 days, this whale has sold a total of 15,000 ETH ($65.5 million), with an average selling price of $4,366, indicating the willingness of large holders to take profits at the current position.

· Institutional-level reallocation operation: A whale sold 45.5 million TRX (worth 13.6 million USD) and bought 3332.6 ETH at a price of 4084 USD. Over the past 3 months, this whale has sold a total of 629.27 million TRX (worth 217.3 million USD) and bought 48,390 ETH at an average price of 4490 USD, completing a large-scale asset swap.

Institutional fund flow differentiation

· Continuous capital outflow from ETFs: Ethereum ETFs experienced a total outflow of approximately $93 million, with BlackRock alone selling ETH worth $101 million, indicating a lack of short-term confidence among institutional investors.

· Continuous accumulation by enterprises: Sharplink Gaming increased its holdings by 19,271 ETH, worth approximately $8.037 million, as part of its strategic Ethereum reserves. They currently hold a total of 859,395 ETH, valued at approximately $3.58 billion, demonstrating the company's recognition of Ethereum's long-term value.

On-chain Activities and Market Sentiment

· Anticipatory orders indicate intention: “Whale with 25x long order on ETH after the flash crash on 1011” has placed sell orders of up to 29,713.8152 ETH in the range of “$4,190 - $5,555.5”, expecting a short position at $4,914.9. This structured operation shows that the whale expects further price rise while also preparing a reverse operation strategy.

· Gas fees and network activity: With the price rebound, Ethereum network activity has significantly increased, with trading volume surging by 127%, reflecting a substantial rise in market participation.

3. Other Altcoin Market Dynamics and Analysis

Public Chain Ecosystem: LINK Continues to Be Accumulated by Whales

Chainlink demonstrates unique resilience against downturns and institutional favor:

· Systematic accumulation continues: Since the market crash on October 11, a total of 39 new wallets have withdrawn 9.94 million LINK (approximately $18.8 million) from CEX. A newly created wallet has withdrawn 490,188 LINK from CEX, valued at $9 million. This wallet currently holds 771,095 LINK, worth $14 million, and may withdraw further.

· Whale cluster operations: The collective accumulation behavior of such new wallets typically signifies systematic positioning of institutional-level funds, providing solid support for LINK prices.

DeFi and RWA sectors: ENA performs brilliantly

· Institutional leaders strategically layout: 1kx Fund co-founder Christopher Heymann's associated address (0x286f) once opened an ENA long order at an average price of 0.409 USD, and the current return rate has exceeded 220%, with unrealized gains exceeding 1.1 million USD. This address's nominal position value is approximately 5.24 million USD, indicating institutional investors' early precise layout on the ENA project.

· Andrew Kang's Hedging: Andrew Kang, co-founder of Mechanism Capital, has increased his position on the ENA long order at the relevant address, with the current average price raised to $0.465. The nominal value of the position is approximately $4.08 million, and the unrealized gains remain above 90%. His actions indicate that despite experiencing unrealized losses on the BTC short positions, he still holds a positive outlook on the long-term value of ENA.

Meme coins and specific projects: HYPE leads the pump

· Whale Long and Short Both Gain: The whale starting with 0x082 established a HYPE long order at an average price of 38.8 USD three days ago, and the unrealized gains have now exceeded 11 million USD, with a return rate of over 100%. This address currently has a total nominal value of approximately 53.09 million USD, with the main position being a 5x HYPE short order of 52.2 million USD, demonstrating a complex long-short hedging strategy.

· Favourable Information driven: HYPE recently rose by 28% due to DAT Hyperliquid Strategies Inc. submitting a fundraising application to the SEC, planning to issue 160 million shares to raise $1 billion for acquiring more HYPE coins and listing on the Robinhood trading platform.

· Small-cap assets are actively rotating: the same Address opened multiple popular small-cap long orders such as 0G, 2Z, and XPL with 3x leverage, and the long order for the Hyperliquid ecosystem meme coin PURR has also seen an unrealized gains rate exceeding 50%, indicating a rotation of funds towards small market cap varieties.

4. Market Overview and Trend Analysis

Overview: Macroeconomic Drivers and Technical Breakthroughs Resonating

The current market is in a favorable environment of rare resonance between macro and technical aspects:

· Macroeconomic favourable information concentrated release: The agreement on the China-US trade framework and the expectation of a Fed interest rate cut jointly boost risk assets. The US consumer inflation data for September was slightly lower than expected, enhancing market confidence that the Fed will cut rates by 25 basis points this week, with CME Fedwatch showing that the market almost 100% expects a rate cut.

· Technical breakthrough effectively confirmed: Bitcoin breaks through the consolidation range of 100,000 to 110,000 USD, Ethereum re-establishes itself above 4,200 USD, the breakthrough of key technical levels triggers a favorable cycle of short covering and long positions accumulation.

· Sector rotation is healthy and orderly: The sequential rotation from BTC, ETH to the DeFi sector, Layer2 sector, and even Meme coins shows the breadth and depth of capital inflows. The DeFi sector rose by 5.89%, the Layer2 sector rose by 5.81%, and the Meme sector rose by 5.39%.

Trend Analysis: Focus on Fed Decision and Technical Levels

Based on on-chain data and market structure, the market trend for the next 1-3 trading days is projected as follows:

· Key positions for Bitcoin: After BTC breaks through $115,000, the next resistance is at the $120,000 round number, with support at $112,000 to $113,000. If the Fed's decision meets expectations, it may test the $120,000 position.

· Ethereum target level: After ETH breaks 4200 USD, the short-term target is in the range of 4300 to 4500 USD. It is necessary to closely monitor the profit-taking behavior of the “Whale who went long 25x on ETH after the 1011 flash crash” which may cause selling pressure above 4190 USD.

· Altcoin rebound opportunities: Assets such as LINK and ENA that institutions continue to accumulate may welcome a rebound market, and Meme coins like HYPE with fundamental support still have room for rise.

· Risk Warning: Be cautious of the Fed's decision leading to a “buy the expectation, sell the fact” market reversal, as well as the pullback risk triggered by Whales' large-scale profit-taking. Pay close attention to the closing actions of the “100% win rate Whale” with a $338 million long position.

V. Conclusion

When the long position unrealized gains of the “100% win rate Whale” reaches nearly 18 million dollars with a total of 338 million dollars, and when short positions across the network get liquidated for 394 million dollars within 24 hours, and when Bitcoin breaks through the key technical resistance level of 115,000 dollars, the message conveyed by the market is incredibly clear—Whales have expressed their strong optimism about the future market with real capital positions, while shorts have provided extra fuel for the rise in a brutal washout.

Extreme market conditions often arise from doubt, peak in certainty, and end in euphoria. While ordinary investors are still debating the validity of the breakout, top traders have already completed the layout and adjustment of their positions; when retail investors are anxious over fluctuations of just a few points, whales are calmly setting take-profit levels for millions in unrealized gains. From Huang Licheng's 240% floating return rate to the 12 consecutive profits of the “1011 insider whale,” from the systematic accumulation of institutional funds to the macro-level favourable information resonance, on-chain data acts like a lighthouse in the dark night, illuminating the true trajectory of smart money flow. In this market with severe information asymmetry, those who can consistently profit are not the prophets predicting the future, but the wise who can understand the present and follow it in a timely manner. After the Fed's decision is announced, the market may welcome a new directional choice, and those whales who have already laid their positions may have begun preparing for the next phase of the market.