The total market capitalization of encryption has surpassed 4 trillion USD! Whales have spent 210 million USD buying up ETH, and Arthur Hayes has simultaneously increased his investment in Ethereum ecosystem assets by 6.8 million USD.

The total market capitalization of the crypto market broke the $4 trillion mark during the Asian morning session, with a 24-hour rise of 1.54%. As mainstream tokens approach historical highs, on-chain whales have initiated intensive operations: a mysterious institution spent $210 million to purchase nearly 50,000 ETH, while Arthur Hayes simultaneously increased his investment in ETH ecosystem assets by $6.8 million; meanwhile, a whale that had been silent for 3 years activated $19 million in ETH to participate in staking, and the 1inch team cashed out $8.36 million at a high point. The market presents a complex pattern of whale accumulation, on-chain staking, and profit-taking.

( Market Milestone: Crypto Market Surpasses 4 Trillion USD ) This weekend, the crypto market continued its upward trend, with all charts showing red. During today's Asian morning trading session, the total market capitalization of the crypto market reached the milestone of 4 trillion USD, with a rise of 1.54% in the past 24 hours.

As mainstream crypto assets approach their all-time high (ATH), crypto whales are engaging in large-scale operations in the market. The largest single transaction amounts to as much as 210 million USD. Below is a detailed breakdown of the whale transactions.

( Whale Movements: Institutions Buying Up and Ecological Layout ) On-chain data shows that whales are actively trading Ethereum (ETH). As the second largest crypto asset by market capitalization, the current price of ETH is only 11.8% away from its historical peak, continuously attracting the attention of large capital.

According to Onchain Lens data, the largest single transaction involves a Whale or institutional entity, which purchased 49,533 ETH worth $210.68 million through Galaxy Digital, FalconX, and BitGo. This Ethereum Whale currently holds a total of 221,166 ETH across 6 different wallets, with a total value of $940.73 million.

According to tracking, Maelstrom's Chief Investment Officer Arthur Hayes has adopted a diversified strategy, investing $6.85 million in a crypto asset portfolio, which specifically includes:

• 1,250 ETH (valued at $5.29 million)
• 424,000 Lido DAO (LDO) (worth $550,000)
• 420,000 Ether. fi (ETHFI) (valued at 510,000 USD)
• 92,000 Pendle (PENDLE) (worth 500,000 USD) These purchasing operations significantly increased their Ethereum ecosystem asset allocation. Analyst EmberCN pointed out: "On August 2, he predicted that BTC would pull back to 100,000 dollars and ETH would drop to 3,000 dollars, so he sold the ETH and ecosystem tokens he purchased in July, including ENA, AAVE, LDO, ETHFI, and PEPE."

( stake wave: sleeping Whales awaken, on-chain earning ) In addition to buying, some whales choose to stake assets for additional returns. A whale with the address 0xA5e……eda0, after a three-year silence, has staked 4,736 ETH (worth 19.84 million USD). This whale accumulated these ETH at a cost of 9.12 million USD about 4-5 years ago, currently showing a floating profit of approximately 10.7 million USD.

Coincidentally, another whale address 0x1fc……aed5 withdrew 2,009 ETH (worth $8.53 million) from mainstream CEX for staking. OnChain Lens added: "In the past two months, a total of 10,999 ETH (worth $46.69 million) has been withdrawn from mainstream CEX for EigenLayer and ETH2.0 staking. The current staking yield has reached $13.53 million."

( profit-taking: the project team and the hacker synchronized to cash out ) At the same time, some Whales are executing sell-off operations. The investment fund of the decentralized exchange 1inch team sold 5,000 ETH at an average price of $4,215, exchanging it for 21.07 million USDC; meanwhile, they sold 6.45 million 1INCH tokens at an average price of $0.28, acquiring 1.8 million USDC. These two operations achieved an arbitrage of $8.36 million, indicating that the team is implementing a profit-taking strategy during the bull market.

The hacker of the stablecoin bank Infini also conducted a large-scale ETH sell-off. Lookonchain revealed: "The Infini exploiters sold 1,771 ETH (7.44 million USD) today at an average price of 4,202 USD. They attacked @0xinfini on February 24, stealing 49.5 million USD and purchasing 17,696 ETH at an average price of 2,798 USD. As ETH rose, they sold 1,770 ETH (5.88 million USD) on July 17 at 3,321 USD and transferred 4,501 ETH (1.503 million USD) to TornadoCash. They currently hold 9,154 ETH (approximately 3.885 million USD)."

( Multi-Chain Layout: WBTC Leverage and Token Transfer ) Apart from Ethereum, large investors are also taking action in other crypto assets:

• Whale address 0xc9d…642 borrowed 20 million USDC from Aave, transferred it to a mainstream CEX, and purchased 109.6 WBTC (worth 12.91 million USD). EmberCN analysis: "This whale is leveraging a circular loan strategy through Aave to increase its holdings of WBTC. Currently, it holds a total of 603.5 WBTC (71.62 million USD), with an average cost of about $90,382."
• Another crypto Whale withdrew 274.22 BTC (approximately 32 million USD) from a mainstream CEX after a month of silence.
• Galaxy Digital transferred 224,000 SOL (approximately $41.12 million) to mainstream CEX, raising concerns about market sell-off.
• A smart money address has withdrawn 210,000 LINK from a mainstream CEX and currently holds a total of 335,000 LINK.
• Nansen CEO Alex Svanevik transferred 1 million LDO tokens to mainstream CEX.

( Conclusion ) As the total market capitalization of cryptocurrencies breaks through 4 trillion USD, a complex picture of long and short positions emerges among whales and institutional funds: there are over 200 million USD worth of ETH spot purchases and long-term staking arrangements, as well as high-position cash-outs by project parties and hackers. Notable investors like Arthur Hayes are increasing their stakes in ETH ecosystem tokens, indicating continued optimism for the Ethereum ecosystem; however, operations such as WBTC circular loans and large SOL transfers hide leverage risks and selling pressure. On-chain data reveals that current whale behaviors have transcended simple long and short speculation, shifting towards more refined strategies for capturing staking yields, configuring ecological portfolios, and timing arbitrage, which may become the new norm in the crypto market during high market capitalization phases. Investors need to closely monitor the movements of Smart Money and remain vigilant against short-term fluctuations triggered by large transfers.