Reporting Period: August 21 – September 3, 2026
Data as of: September 3, 2026
Market Overview: Record Year-to-Date ETF Inflows Followed by Pullback; Warsh's Hawkish Remarks Suppress Near-Term Risk Appetite
Over the past two weeks, the cryptocurrency market entered a period of high-level consolidation after a strong rebound in August. Fueled by rising expectations of Federal Reserve rate cuts and continued crypto-friendly policy signals from the U.S. political landscape, U.S. spot Bitcoin ETFs recorded cumulative net inflows of $3.52 billion in August — the highest single-month tally since the start of 2026. Spot Ethereum ETFs also witnessed notable capital inflows at the end of August. Robust institutional buying helped BTC hold firm at elevated levels, while ETH and other blue-chip assets strengthened in tandem.
On the macro front, Fed Chair Warsh delivered his highly anticipated debut speech at the Jackson Hole Economic Symposium on August 28. Addressing the current 3.7% PCE inflation level, Warsh sent a clear hawkish signal, warning that the Fed would not hesitate to resume rate hikes should inflation progress stall. Following the speech, U.S. Treasury yields rose sharply, market-implied probabilities of a September rate hike surged, and concerns over near-term liquidity tightening intensified. Consequently, U.S. spot Bitcoin ETFs posted a single-day net outflow of approximately $236 million on September 1, with the broader crypto market facing short-term profit-taking and elevated correction pressure.
The Bitunix Blue-Chip Asset Biweekly Report focuses on major crypto assets including BTC, ETH, HYPE, and others, delivering in-depth analysis of market performance, on-chain data, and capital flows to provide you with a more comprehensive market overview and trend reference.
BTC Price Performance: BTC Pulls Back to Oscillate Around $77,000
Bolstered by crypto-friendly policy announcements from Trump, BTC broke through the psychologically important $80,000 level on August 25 and consolidated near that level for as long as four days. However, after Fed Chair Warsh's hawkish signal at the Jackson Hole symposium on August 28, market expectations around rate policy shifted, dealing a significant blow to the crypto market. BTC subsequently retreated to around $77,000. Given the absence of clear positive catalysts in the short term, prices are expected to remain in a range-bound consolidation for some time.
Data Source: Bitunix
BTC Spot ETF Flows: Seven Consecutive Days of Heavy Inflows Reverse to Net Outflows, Market Divergence Intensifies
Following Trump's crypto-friendly policy announcements, BTC spot ETFs posted net inflows for multiple consecutive trading days. Specifically, between August 19 and August 27, BTC spot ETFs recorded seven straight trading sessions with net inflows exceeding $200 million per day. However, after Fed Chair Warsh's hawkish signal, BTC spot ETFs saw a net outflow of roughly $200 million on August 28, followed by another $236 million net outflow on September 1. This shift suggests that traditional financial markets are increasingly divided on BTC's future price trajectory, with capital flows yet to form a clear, unified direction. Sustained ETF outflows could also exert near-term pressure on BTC prices.
Data Source: Farside Investor
BTC Treasury Company Positioning: Strategy's Swing Trade Results in Approximately $84 Million in Spread Losses
On August 30, Strategy released its latest weekly 8-K market report. The company raised roughly $600 million over the past week by selling 4.53 million MSTR shares and used the proceeds to acquire an additional 4,603 BTC, bringing its total BTC holdings to 845,050. Notably, over the previous two months, Strategy sold 6,916 BTC at an average price of roughly $62,081, generating approximately $429 million in cash, and later repurchased 4,603 BTC at a higher average price of around $80,300, spending roughly $370 million. These transactions resulted in a spread loss of approximately $84 million. As one of the largest institutional BTC holders, Strategy's trades illustrate that even major Bitcoin treasury companies are not necessarily adept at short-term swing trading.
Data Source: Strategy
BTC On-Chain Spot Transactions: Proportion of Profitable UTXOs Rises to 75%, Growing Unrealized Profits Pose Potential Selling Pressure
On-chain data shows that the proportion of UTXOs currently in a state of profit has risen substantially. UTXOs (Unspent Transaction Outputs) can be understood as individual unspent balances recorded on-chain, each tagged with the transaction price and quantity at the time of its creation. These UTXOs persist on-chain until consumed by a new transaction. By comparing the creation price of a UTXO with the current BTC market price, one can determine whether it is sitting on unrealized profit or loss: if the current price is above the UTXO's creation price, it is considered in profit; otherwise, it is in a loss. On July 30, when BTC was at a relatively low level, only about 40% of UTXOs were in profit. Following BTC's sharp rally in August, approximately 75% of UTXOs are now in profit.
Data Source: CryptoQuant
BTC On-Chain Derivatives: Long Positions Increase Notably, Yet Whale Directional Conviction Remains Split
Hyperliquid is one of the largest decentralized derivatives trading platforms by market share, making its on-chain contract data a valuable reference for gauging market leverage sentiment and long/short capital flows. As of September 3, BTC long contract notional open interest on Hyperliquid stood at roughly $1.34 billion, versus short open interest of approximately $909 million, for a long/short ratio of roughly 59:41 — a notable strengthening of bullish positioning compared to two weeks earlier. However, examining the positioning of large contract traders reveals that whale conviction around BTC's next move remains divided near $77,000. Among the top ten addresses by notional contract value, five hold long positions and five hold short positions, suggesting that large players have yet to form a clear, consensus directional outlook.
Data Source: Hyperstats
ETH Price Performance: Break Above $2,500 Lacks Momentum; Price Consolidates Near $2,400
Spurred by favorable U.S. crypto policy signals, ETH initially outperformed other major assets like BTC and BNB in the early phase of the policy-driven rally. However, as the policy tailwinds entered their second week, ETH's upward momentum began to lag behind Bitcoin's. The round-number resistance at $2,500 proved formidable, leaving ETH oscillating in a consolidation range around $2,400 from late August into early September.
Data Source: Bitunix
ETH Spot ETF Flows: Twelve Consecutive Trading Days of Net Inflows; Traditional Capital Continues Accumulating ETH
On the ETF flow front, ETH spot ETFs recorded net inflows for twelve consecutive trading sessions. Even after Fed Chair Warsh's hawkish policy signal on August 28, ETH spot ETFs still registered a net inflow of roughly $102 million, with only a minor net outflow of approximately $48 million occurring on September 2. The persistent inflow trend indicates that traditional financial market demand for ETH exposure remains intact, providing some price support. If ETF inflows persist, ETH could demonstrate stronger resilience in subsequent market swings.
Data Source: Farside Investor
ETH Treasury Company Positioning: Bitmine Continues Accumulating ETH, Holdings Approach 5.9 Million
Bitmine is currently the world's largest ETH treasury company. Between August 24 and August 30, Bitmine aggressively added 85,948 ETH over the two-week period. As a result, the company's total crypto holdings now stand at 5,901,112 ETH, of which 5,067,309 ETH are staked. Since its share price soared on August 19, BMNR has gained more than 25% cumulatively through September 3. Bitmine's continued expansion of its ETH position reflects institutional demand for ETH's long-term value proposition.
Data Source: SEC
ETH On-Chain Spot Transactions: Whale Addresses Return to Full Profitability; Average Cost Basis Edges Slightly Higher
According to CryptoQuant data, as ETH prices recovered to the $2,400 vicinity, on-chain whale addresses have broadly returned to profitability. However, average ETH cost bases across all whale cohorts have edged slightly higher, suggesting that some whales may have chosen to add to positions on the way up.
Addresses holding >100,000 ETH: average cost basis $1,742
Addresses holding 10,000 – 100,000 ETH: average cost basis $2,129
Addresses holding 1,000 – 10,000 ETH: average cost basis $2,262
Addresses holding 100 – 1,000 ETH: average cost basis $2,367
Data Source: CryptoQuant
ETH On-Chain Derivatives: Longs Still Dominate, but Ratio Declines from Two Weeks Ago
As of September 3, ETH long contract notional open interest on Hyperliquid stood at roughly $955 million, versus short open interest of approximately $554 million, for a long/short ratio of roughly 63:37 — a decline in the long share compared to two weeks ago. As ETH tried to push above $2,500, some on-chain addresses opted to take profits, trimming the long-position ratio. That said, among the top ten addresses by notional contract value, long positioning still prevails, indicating that overall market sentiment retains a degree of bullish bias.
Data Source: Hyperstats
XRP Market Performance: After a 66% Short-Term Spike, Consolidation Sets In; $1.30 Becomes Key Support
XRP was one of the most explosive crypto assets during the current rally cycle. The XRP surge kicked off on August 18 and reached a local peak on August 21, at one point delivering a staggering 66% gain. Thereafter, as early profits were gradually taken off the table, XRP pulled back slightly and spent several days consolidating near the $1.30 support level. Further upward momentum beyond the recent high will likely require additional catalysts across multiple dimensions.
Data Source: Bitunix
XRP Spot ETF Flows: Nine Consecutive Days of Inflows; ETF Capital a Major Driver of the Rally
Sustained ETF inflows were a key force behind XRP's rally. From August 20 to September 1, XRP spot ETFs recorded nine straight trading days of net inflows, with single-day inflow amounts generally exceeding $10 million. On September 2, ETF flows saw a net outflow of roughly $7.2 million, breaking the streak of consecutive inflows.
Data Source: Coinglass
XRP Treasury Company Listing Progress: SEC Approves Evernorth Merger; XRP Treasury Listing Accelerates
On August 28, the SEC approved the merger registration statements for Ripple-backed XRP treasury company Evernorth and special-purpose acquisition company Armada Acquisition Corp. II, clearing a significant hurdle for Evernorth's Nasdaq debut. Armada shareholders are expected to vote on September 30; should the transaction be approved, the combined entity would list on Nasdaq under the ticker XRPN, with Evernorth anticipating deal completion by late September or October.
Headquartered in San Francisco, Evernorth's primary objective is to place XRP on a public company's balance sheet while investing in XRP infrastructure and gradually increasing its per-share XRP reserves. To date, dedicated treasury companies have emerged for major crypto assets including BTC, ETH, BNB, SOL, and HYPE. As the fifth-largest crypto asset by market cap, if an XRP treasury company continues to accumulate XRP through open-market purchases, it could provide a new source of long-term support for XRP spot demand.
XRP On-Chain Derivatives: Long Capital Accounts for 70% of Positioning, Yet Contract Market Participation Lags Significantly Behind BTC and ETH
As of September 3, XRP long contract notional open interest on Hyperliquid stood at roughly $99 million, versus short open interest of approximately $41.18 million, for a long/short ratio of roughly 70:30 — with long capital holding a clear advantage. However, compared to notional open interest exceeding $1 billion for assets like BTC, ETH, and HYPE, XRP's contract market participation remains relatively subdued. Currently, the on-chain address "0x31b" is the largest XRP contract position holder, having established a long position with 10x leverage near $1.13; unrealized profits on that XRP contract position now exceed $8.5 million.
Data Source: Hyperstats
Blue-Chip Asset Biweekly Summary
Over the past two weeks, the cryptocurrency market entered a phase of high-level consolidation following a strong August rebound. BTC pulled back from above $80,000 after hawkish Fed signals, while ETH encountered resistance near $2,500. The funding environment remained relatively resilient overall: BTC, ETH, and XRP spot ETFs all posted consecutive multi-day net inflows at various points, and treasury companies such as Bitmine continued accumulating ETH, suggesting that institutional allocation demand has not yet materially cooled. However, as surging assets brought an increase in unrealized profits together with persistent long/short divergence in derivatives markets, the market still faces near-term pressures from profit-taking and liquidity tightening. Whether the rally can be sustained will depend on ETF flow trends and fresh policy catalysts.
