Bitunix Blue-Chip Asset Biweekly Report: Trump Backs the Crypto Industry, BTC Reclaims $70,000
Statistical Period: August 7, 2026 – August 20, 2026
Data Cutoff Date: August 20, 2026
Market Overview: Trump Backs the Crypto Industry as the U.S. Accelerates Crypto Regulatory Reform
This week, the global financial markets have primarily focused on the latest policy statements from the U.S. government regarding the cryptocurrency industry. On August 19, U.S. President Donald Trump attended a White House meeting with cryptocurrency industry executives, joined by senior officials from government agencies including the SEC and CFTC, as well as representatives from crypto and fintech companies such as Coinbase, Robinhood, and Ripple. At the meeting, Trump reiterated his support for the development of the cryptocurrency industry, stating that the U.S. is accelerating the transition of financial markets into the blockchain era by advancing policies such as “Project Crypto,” establishing a U.S. Strategic Bitcoin Reserve and Digital Asset Reserve, and promoting stablecoin regulation.
Trump also emphasized that the U.S. needs to maintain its global leadership in Bitcoin, cryptocurrency, and financial technology through a clearer regulatory framework, and called on Congress to further advance the passage of the CLARITY Act. Following the release of these positive policy signals, risk appetite in the crypto market rebounded significantly, with BTC briefly breaking above $70,000 and ETH gaining nearly 20%. As the U.S. government continues to signal support for the crypto industry, expectations of an improved regulatory environment and further institutional capital inflows are increasing, providing strong momentum for a short-term rebound in crypto assets.
The Bitunix Blue-Chip Asset Biweekly Report focuses on major crypto assets including BTC, ETH, and HYPE, providing in-depth analysis of market performance, on-chain data, and capital flows to offer a more comprehensive view of market trends and developments.
BTC Market Performance Overview
Before August 19, BTC had already undergone nearly two months of range-bound consolidation, with its price fluctuating within a range of $62,000 to $67,000. On August 20, Trump’s remarks in support of the development of the crypto industry quickly boosted market confidence. BTC subsequently broke strongly above the $67,000 upper boundary of the range and moved decisively above the 5-day, 10-day, and 20-day moving averages, reaching a high of $71,800. Short-term upward momentum strengthened significantly.
Data source: Bitunix
BTC Spot ETF Fund Flows
BTC spot ETFs have recorded net inflows for three consecutive days since August 17. However, compared with the larger inflows seen on some trading days in July, the net inflows over the past three days have been relatively modest, with the largest inflow occurring on August 17 at $297 million. Therefore, based on the current capital structure, traditional financial institutions do not appear to be the primary drivers of this BTC rally. Since Trump’s latest support for the crypto industry came somewhat unexpectedly, some traditional financial institutions may not yet have had enough time to rapidly establish related positions. However, if BTC is to break higher and sustain its upward trend, ETF fund flows will remain a key factor to watch.
Data source: Farside Investor
BTC Treasury Company Holdings
On August 19, Strategy released its latest investor presentation, disclosing that as of August 9, the company held a total of 840,447 Bitcoin, equivalent to approximately 4% of Bitcoin’s total supply. The company stated that its core strategy is not only to hold Bitcoin for the long term, but also to build a “digital credit” platform through the capital markets to further increase its Bitcoin holdings per share. The goal of its “digital credit” strategy is to issue digital credit products equivalent to 10% to 20% of its Bitcoin reserves annually when market conditions permit, corresponding to an estimated market size of approximately $5.4 billion to $10.8 billion.
Data source: Strategy
In contrast to Strategy’s decision to remain on the sidelines for now, Japan’s largest BTC treasury company, Metaplanet, announced on August 18 that it plans to acquire approximately 95.7% of the outstanding shares of Nasdaq-listed Super League for a total investment of approximately $134.6 million. The transaction will include 2,100 Bitcoin and $2.5 million in cash assets. Upon completion of the transaction, Super League will be renamed Superplanet and become Metaplanet’s platform for expanding its Bitcoin treasury business in the U.S. market. Metaplanet currently holds approximately 43,000 Bitcoin. Following the announcement, Super League’s shares surged as much as 100% in pre-market trading.
Data source: Metaplanet
BTC On-Chain Spot Trading
The average cost basis of on-chain addresses is an important indicator for assessing BTC’s market supply-demand structure and investors’ profitability. As of August 19, the average cost basis of on-chain BTC addresses had fallen to $64,571. Based on a BTC spot price of approximately $71,800, the overall unrealized profit of on-chain addresses was approximately +11.19%. After experiencing unrealized losses for three consecutive months, the average cost basis of on-chain addresses has returned to profitable territory, indicating that overall holding pressure in the market has eased and investor confidence has gradually recovered alongside the rebound in BTC prices.
Data source: CryptoQuant
BTC On-Chain Futures Trading
Hyperliquid is currently the largest decentralized derivatives trading platform by market size, and its on-chain futures data provides valuable insights into market leverage sentiment and long-short capital flows. As of August 20, the notional open interest of BTC long positions on Hyperliquid was approximately $1 billion, while the notional open interest of BTC short positions was approximately $860 million, resulting in a long-short ratio of approximately 55:45, with long positions clearly outweighing shorts.
Notably, among the wallet addresses included in the analysis, the number of addresses holding short positions remains higher than the number holding long positions. This may indicate that some whales quickly adjusted their positions from short to long after responding to the latest market developments, while some smaller and medium-sized capital addresses are still influenced by the inertia of BTC’s two-month range-bound trading and have yet to adjust their long-short positioning accordingly.
Data source: Hyperstats
ETH Market Performance Overview
During the crypto market rebound on August 19, ETH was one of the strongest-performing major crypto assets, with its 24-hour gain briefly reaching 18%, significantly outperforming BTC. For approximately two weeks beforehand, ETH had remained in a prolonged consolidation phase around $1,900 and had consistently struggled to break through the key psychological level of $2,000. On the afternoon of August 19, following Trump’s announcement of policy signals supporting the development of the crypto industry, ETH rose 5.86% within just one hour and broke decisively above $2,000. Later that evening, ETH gained more than 5% again within one hour, further breaking above $2,200. Overall, ETH’s recent price momentum has strengthened significantly, with strong short-term market performance.
Data source: Bitunix
ETH Spot ETF Fund Flows
In terms of ETF flows, ETH spot ETFs have recorded net inflows for five consecutive trading days, indicating that bullish sentiment toward ETH among traditional financial institutions remains intact. However, in terms of capital size, the highest single-day net inflow was only approximately $71.4 million, meaning the overall scale remains relatively limited. Therefore, ETF inflows may not yet be the decisive factor driving ETH’s latest rally.
Data source: Farside Investor
ETH Treasury Company Holdings
Bitmine is currently the largest ETH treasury company in the world. Between August 10 and August 16, Bitmine accumulated an additional 9,926 ETH. The company’s current crypto asset holdings include 5,815,164 ETH, with 5,067,309 ETH currently staked. Benefiting from ETH’s sharp rally, Bitmine’s stock price surged more than 10% on August 19.
Data source: SEC
ETH On-Chain Spot Trading
According to CryptoQuant data, as ETH bottomed out and rebounded above $2,200, on-chain whale addresses had all returned to profitable positions. Only on-chain addresses holding between 100 and 1,000 ETH still have an average cost basis above ETH’s current price.
Addresses holding more than 100,000 ETH: average cost basis of $1,749
Addresses holding 10,000 to 100,000 ETH: average cost basis of $2,080
Addresses holding 1,000 to 10,000 ETH: average cost basis of $2,203
Addresses holding 100 to 1,000 ETH: average cost basis of $2,325
Data source: CryptoQuant
ETH On-Chain Futures Trading
As of August 20, the notional open interest of ETH long positions on Hyperliquid was approximately $899 million, while the notional open interest of ETH short positions was approximately $482 million, resulting in a long-short ratio of approximately 65:35. Long capital clearly held an overwhelming advantage, exerting significant pressure on short positions. The on-chain addresses “0xde8d” and “0x6646” each had unrealized profits of more than $5 million. Since ETH had previously remained range-bound for nearly two months, the entry prices of ETH futures positions held by most addresses were below $2,000. As a result, the rapid price surge in the latest rally has generated substantial unrealized profits for long positions across the market.
Data source: Hyperstats
HYPE Market Performance Overview
Compared with other crypto assets, HYPE received a more direct positive catalyst on August 19. U.S. President Donald Trump stated that efforts are currently underway to bring Hyperliquid into the U.S. market, with the goal of enabling Hyperliquid to operate legally and compliantly under the U.S. regulatory framework. However, as of now, no specific implementation plan or timeline has been announced. Boosted by the positive news, HYPE surged 12.86% within one hour between 19:00 and 20:00 on August 19, with its 24-hour gain briefly reaching 23%. It became one of the strongest-performing major crypto assets during the same period and led the broader crypto market higher.
Data source: Bitunix
HYPE Spot ETF Fund Flows
Compared with BTC and ETH, HYPE spot ETFs currently have a relatively limited impact on its price. Over the past 10 trading days, seven trading days recorded virtually no trading volume, indicating that market participation and capital inflows remain relatively low. Notably, during HYPE’s sharp rally on August 19, THYP instead saw approximately $2 million in redemptions, suggesting that some investors chose to take profits as the price surged rapidly. Therefore, HYPE’s price action is currently driven primarily by spot market activity and on-chain capital sentiment, while spot ETFs have yet to become a significant price catalyst.
Data source: Farside Investor
HYPE Treasury Company Holdings
Hyperliquid Strategies is currently the largest HYPE treasury company, holding approximately 29.3 million HYPE. The company has neither increased nor reduced its HYPE holdings over the past month. According to the company’s latest 13-F filing, several established Wall Street financial institutions, including the Druckenmiller family office, Renaissance Technologies, and Slate Path Capital, are shareholders of Hyperliquid Strategies.
Data source: Hyperliquid Strategies
HYPE On-Chain Futures Trading
As of August 20, the notional open interest of HYPE long positions on Hyperliquid was approximately $690 million, while the notional open interest of HYPE short positions was approximately $430 million, resulting in a long-short ratio of approximately 61:39, with long capital clearly holding the advantage. Benefiting from HYPE’s 23% rally in the latest market move, multiple addresses on Hyperliquid have recorded unrealized profits of more than $15 million on HYPE futures positions, indicating that some on-chain capital that established long positions ahead of the rally has generated substantial returns during the latest move.
Data source: Hyperstats
Blue-Chip Asset Biweekly Summary
Following Trump’s strong policy signals in support of the crypto industry, BTC, ETH, and HYPE all rebounded strongly. BTC broke above the $67,000 upper boundary of its range, ETH broke above $2,200, and HYPE surged as much as 23%. From the perspective of capital flows and on-chain data, ETF funds have continued to record net inflows, but the overall scale remains relatively limited. The latest rally has been driven more by market sentiment and on-chain long capital, while long positions have clearly dominated the futures markets for BTC, ETH, and HYPE. Looking ahead, continued improvements in the U.S. crypto regulatory environment should provide medium- to long-term support for the market, but in the short term, investors should continue to monitor whether ETF inflows accelerate and whether highly leveraged long positions create additional profit-taking pressure.
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