Reporting Period: October 30 – November 12, 2026 Data as of: November 12, 2026
Market Overview: Stronger-Than-Expected U.S. October Nonfarm Payrolls and Continued Outflows from Spot Bitcoin ETFs
Global financial markets have recently come under pressure amid shifting expectations surrounding U.S. employment data and monetary policy, with investor risk aversion gradually increasing. U.S. nonfarm payroll growth in October significantly exceeded market expectations, highlighting the continued resilience of the American labor market and prompting investors to reassess the Federal Reserve's potential rate-cut trajectory. Strong employment figures could encourage the Fed to maintain a relatively cautious monetary policy stance, adding further pressure to global risk assets.
According to data released by the U.S. Bureau of Labor Statistics on November 6, nonfarm payrolls increased by 165,000 in October, significantly above market expectations of 65,000. The unemployment rate also declined from 4.2% to 4.1%, indicating that the U.S. labor market remains relatively resilient. Following the release, expectations for near-term Fed rate cuts weakened further, while U.S. Treasury yields and the dollar strengthened, weighing on investor risk appetite. At the same time, the cryptocurrency market faced additional pressure from institutional capital outflows, with U.S. spot Bitcoin ETFs continuing to record net outflows and further weakening buying support.
Against this backdrop of macroeconomic pressure and persistent capital outflows, the crypto market has undergone a notable correction. BTC fell below the $74,000 level, while ETH dropped below $2,100, intensifying broader downside pressure. Other major crypto assets, including HYPE, SOL, and XRP, also weakened, reflecting rising risk aversion and reduced investor appetite for high-risk assets. In the near term, ETF fund flows, expectations surrounding Fed monetary policy, and upcoming macroeconomic data releases are likely to remain key drivers of cryptocurrency market movements.
This edition of the Bitunix Blue-Chip Asset Biweekly Report focuses on major crypto assets, including BTC, ETH, and HYPE, providing an in-depth analysis of market performance, on-chain activity, and capital flows to offer a more comprehensive view of market conditions and emerging trends.
Bitcoin Price Performance: BTC Briefly Falls Below $74,000, with $75,000 Emerging as Key Resistance
Bitcoin has remained under pressure amid a series of negative developments, including a reported hacking incident involving Binance, the Republican Party's losses in the U.S. midterm elections, and stronger-than-expected U.S. nonfarm payroll data. On November 11, BTC briefly fell below $73,000 for the first time in recent trading. Although the price quickly rebounded above that level, the recovery was insufficient to reverse the broader short-term downward trend.
Source: Bitunix
Bitcoin Spot ETF Flows: Five Consecutive Days of Net Outflows, with More Than $2.5 Billion Withdrawn Over Two Weeks
Outflows from spot Bitcoin ETFs accelerated over the past two weeks. Amid mounting negative market developments, some traditional financial institutions appear to have taken profits or reduced their exposure to Bitcoin. As of November 12, spot Bitcoin ETFs had recorded cumulative net outflows of $2.98 billion over the two-week period. Notably, following the October 30 hacking incident involving Binance, spot Bitcoin ETFs recorded daily net outflows of $643 million. After the Republican Party's losses in the U.S. midterm elections, daily net outflows also exceeded $400 million on both November 5 and November 6.
Source: Farside Investors
Bitcoin Treasury Holdings: Strategy Acquires 1,036 BTC, While Its Holdings Slip Into Unrealized Losses
On November 9, Strategy purchased 1,036 BTC at an average price of $79,012 per coin, representing a total investment of approximately $81.9 million. The company also repurchased 1.89 million shares of its STRC preferred stock for $188.3 million. As of November 12, Strategy held a total of 850,364 BTC, with an aggregate acquisition cost of approximately $64.16 billion and an average purchase price of $75,456 per BTC. The company also maintained approximately $4.77 billion in dollar reserves, alongside an additional $146.2 million in cash reserves. During the week, Strategy raised approximately $283.8 million through the sale of MSTR common stock.
Source: Strategy
Bitcoin On-Chain Spot Market: Average Cost Basis Rises Above $80,000, Leaving Holders with Unrealized Losses of More Than 7%
During Bitcoin's rally from late August through September, a large number of on-chain addresses continued accumulating BTC, pushing up the market-wide average cost basis. As of November 11, the average acquisition price of BTC held by on-chain addresses had climbed above $80,000. Based on the current spot price of approximately $73,000, these holdings were sitting on an aggregate unrealized loss of 7.55%. This suggests that the recent price correction has pushed a substantial portion of market participants into unrealized losses.
Source: CryptoQuant
Bitcoin On-Chain Derivatives Market: Whales Reduce Exposure as Several Short Positions Generate Millions in Unrealized Profits
Hyperliquid is one of the largest decentralized derivatives trading platforms in the market. Its on-chain derivatives data provides valuable insights into market leverage, sentiment, and long-short positioning. As of November 12, the total notional value of BTC perpetual futures positions on Hyperliquid stood at approximately $2.05 billion, down nearly $500 million from two weeks earlier. Long positions accounted for approximately $1.26 billion, compared with $780 million in short positions, indicating that longs still maintained a numerical advantage.
However, changes in whale positioning suggest that some major market participants have begun actively reducing their risk exposure. The address "0xb83de," which previously held approximately $200 million in notional long exposure, has since reduced its position.
Meanwhile, address "0x218a" held short positions with a notional value of approximately $61.98 million, generating more than $4 million in unrealized profits. This highlights how some short sellers have benefited significantly from the recent market downturn.
Source: Hyperstats
Ethereum Price Performance: ETH Falls Below $2,100, Losing More Than 15% Over Seven Days
ETH's latest correction has deepened amid weakening macroeconomic conditions and deteriorating overall market sentiment. As of November 12, ETH had fallen below the $2,100 level, with no convincing recovery taking shape. As selling pressure persists, $2,000 is emerging as a key near-term support level for ETH. Whether the asset can hold above this threshold will play an important role in shaping market expectations for its short-term price direction.
Source: Bitunix
Ethereum Spot ETF Flows: ETHA Continues to Record Net Outflows, While FETH Sees Modest Inflows
ETHA, launched by BlackRock, is one of the largest spot Ethereum ETFs currently available in the market. Over the past two weeks, ETHA has consistently recorded net outflows, with November 4 being the only day during the period when it attracted a modest net inflow. By comparison, FETH, issued by Fidelity, has demonstrated relatively more stable fund flows, recording consecutive days of net inflows toward the end of October. However, these modest inflows have not been sufficient to reverse the broader outflow trend across the Ethereum ETF market. Institutional demand for ETH exposure remains relatively weak.
Source: Farside Investors
Ethereum Treasury Holdings: Bitmine Acquires Another 9,587 ETH, Bringing Its Holdings to 4.97% of Total ETH Supply
On November 8, digital asset treasury company Bitmine acquired an additional 9,587 ETH, bringing its total holdings to 6,070,092 ETH. Based on prevailing market prices at the time, the holdings were worth approximately $13.6 billion, representing 4.97% of Ethereum's total supply. The company stated that it had achieved 99% of its target of accumulating 5% of the total ETH supply. Meanwhile, Ethereum co-founder Vitalik Buterin recently elaborated on X why he views ETH as a store-of-value asset. He noted that the impact of Ethereum's transaction fee-burning mechanism has become less significant than before. He also cautioned that continued efforts to optimize the network around fee burning could potentially conflict with Ethereum's broader decentralization objectives.
Source: SEC
Ethereum On-Chain Spot Market: Cost Bases Diverge Across Holder Groups, with Only Mega Whales Remaining in Profit
According to CryptoQuant data, following ETH's decline below $2,100, a large number of on-chain addresses have entered unrealized loss territory. At present, only addresses holding more than 100,000 ETH remain in aggregate unrealized profit. However, as ETH prices have continued to decline, some large on-chain holders have taken advantage of lower prices to accumulate more ETH, reducing their average acquisition costs. Average ETH cost basis by wallet balance:
Addresses holding more than 100,000 ETH: $1,781
Addresses holding 10,000–100,000 ETH: $2,113
Addresses holding 1,000–10,000 ETH: $2,306
Addresses holding 100–1,000 ETH: $2,370
Source: CryptoQuant
Ethereum On-Chain Derivatives Market: Open Interest Falls More Than 50% as Unrealized Losses on Long Positions Mount
As of November 11, the total notional value of ETH derivatives positions on Hyperliquid stood at approximately $1.18 billion. Compared with October 29, two weeks earlier, notional open interest had declined by more than 52%, indicating a rapid withdrawal of leveraged capital from the market. Several factors may have contributed to the decline. Some highly leveraged positions may have been liquidated, while certain long traders may have chosen to cut their losses. At the same time, some short sellers may have taken profits as ETH prices moved lower. With ETH falling below $2,100, traders who continue to hold long positions on-chain are facing increasingly significant unrealized losses.
Source: Hyperstats
HYPE Market Performance: Price Retreats from Record Highs, Falling More Than 14% in Seven Days
HYPE was among the strongest-performing crypto assets in October. Following news of a partnership between Trade.xyz and Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, the HYPE token surged above $95, setting a new all-time high. However, HYPE failed to sustain its previous upward momentum after entering November, as weakness across the broader cryptocurrency market weighed on its price. As of November 12, HYPE had retreated to approximately $72, entering a significant correction phase following its earlier rally.
Source: Bitunix
HYPE Treasury Holdings: Hyperliquid Strategies Holds Approximately 38.52 Million HYPE, Representing 16% of Circulating Supply
On November 6, Nasdaq-listed Hyperliquid Strategies (PURR) released its quarterly financial results for the period ended September 30, 2026. According to the report, the company generated net income of $621 million during the quarter, primarily driven by $803 million in unrealized gains from its HYPE token holdings. During the same period, it recorded $172 million in income tax expenses. Other sources of income included approximately $12.3 million in combined staking rewards and validator commissions, as well as roughly $1 million in interest income.
Quarterly revenue reached $13.3 million, exceeding analyst expectations of $10.6 million to $12 million. As of September 30, Hyperliquid Strategies held approximately 38.52 million HYPE, representing around 16% of the token's circulating supply. This highlights the company's growing importance as a major institutional holder within the HYPE ecosystem.
Source: Hyperliquid Strategies
HYPE On-Chain Derivatives Market: Notional Open Interest Edges Lower, While Long Whales Retain More Than $40 Million in Unrealized Gains
Unlike BTC and ETH, which have experienced substantial contractions in notional derivatives open interest, HYPE has maintained relatively stable activity on Hyperliquid despite the broader market downturn. The total notional value of HYPE derivatives positions on the platform declined from approximately $1.21 billion to $1.07 billion, representing a comparatively modest decrease. On the whale positioning front, address "0x082e" is one of the notable early participants in the HYPE long market. Despite HYPE's cumulative decline of more than 20% over the past two weeks, the address continues to hold unrealized profits exceeding $40 million.
Source: Hyperstats
Blue-Chip Asset Biweekly Summary
The cryptocurrency market weakened during the reporting period as stronger-than-expected U.S. nonfarm payroll data, shifting monetary policy expectations, and continued outflows from spot Bitcoin ETFs created mounting headwinds. BTC fell below $74,000, ETH dropped under $2,100, and other major assets, including HYPE, also experienced varying degrees of correction.
On the capital flow and on-chain fronts, spot ETFs tracking BTC and ETH continued to face net outflows, while aggregate derivatives open interest across the market contracted significantly. Some whales actively reduced their long exposure, although treasury companies such as Strategy and Bitmine continued accumulating BTC and ETH, highlighting diverging institutional positioning.
By comparison, HYPE derivatives open interest remained relatively stable, and some early long-position whales continued to hold substantial unrealized gains. Looking ahead, the cryptocurrency market's direction will largely depend on changes in macroeconomic policy expectations, ETF capital flows, and the balance between bullish and bearish forces in on-chain markets.
