Bitunix Blue-Chip Asset Biweekly Report: Market Sentiment Recovers, ETH Leads Major Crypto Assets
Statistical Period: July 1, 2026 – July 16, 2026
Data Cutoff Date: July 16, 2026
Market Overview: U.S. Inflation Pressures Continue to Ease, Blue-Chip Crypto Assets Rebound from Lows
Over the past two weeks, the global financial market’s focus has primarily centered on U.S. inflation data and the Federal Reserve’s future monetary policy direction. The U.S. June non-seasonally adjusted CPI annual rate released in July came in at 3.5%, below market expectations of 3.8%. Meanwhile, seasonally adjusted CPI declined by 0.4% month-over-month, marking the largest monthly drop since April 2020. At the same time, U.S. June PPI increased 5.5% year-over-year, while core PPI rose 4.7% year-over-year and 0.2% month-over-month. All major inflation indicators came in below market expectations, indicating that U.S. Inflationary pressures are continuing to cool.
As inflation data delivered positive signals, market expectations for a potential shift in the Federal Reserve’s monetary policy have strengthened, while investors’ risk appetite gradually recovered. Supported by improving macroeconomic conditions and renewed market confidence, major crypto assets such as BTC and ETH staged a rebound. Easing inflation pressures have created a more favorable environment for risk assets, and the crypto market is gradually entering a recovery phase.
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 deliver comprehensive market insights and trend references.
BTC Market Performance Overview
BTC demonstrated a clear bottoming and recovery trend over the past two weeks. After falling to around $58,000, a nearly two-year low, BTC staged a rapid rebound and has now regained the $64,000 level. From a short-term technical perspective, the 1-hour MACD indicator showed strong reference value during this market cycle. On July 9, BTC formed a MACD “golden cross” signal. Investors entering at that point and exiting when a MACD “bearish divergence” appeared on July 10 would have captured an approximate 3.2% gain during the period. On July 14, BTC formed another “golden cross” signal. Investors entering at that level and selling after the “death cross” signal appeared on July 15 could have captured another gain of more than 3%.
Data Source: Bitunix
BTC Spot ETF Fund Flows
Over the past two weeks, BTC spot ETFs experienced a noticeable trend of capital inflows returning to the market. From June 29 to July 1, BTC spot ETFs recorded net outflows for three consecutive trading days, with daily outflows exceeding $200 million. However, on July 2 and July 3, ETF flows turned positive for two consecutive days, with daily inflows also surpassing $200 million, helping drive BTC’s rebound from its lows. However, on July 13, BTC spot ETFs recorded another significant net outflow of $424 million. The large-scale capital withdrawal temporarily pushed BTC prices below $62,000. As spot ETFs continue to gain influence within the BTC market, ETF fund flows have increasingly become an important factor affecting short-term BTC price movements.
Data Source: Farside Investor
BTC Treasury Company Holdings Changes
Strategy is currently the world’s largest BTC treasury company. Between July 6 and July 12, Strategy sold approximately $467 million worth of MSTR common stock but did not increase its BTC holdings. Market analysts believe this move indicates that the company is implementing its Digital Credit Capital Framework, prioritizing balance sheet flexibility rather than simply pursuing additional BTC accumulation. Currently, Strategy’s U.S. dollar cash reserves have increased to $3 billion, while its Bitcoin holdings remain at 843,775 BTC, accounting for approximately 4.20% of BTC’s total supply. The company’s average BTC acquisition cost stands at $75,476.
Data Source: Strategy
BTC On-Chain Spot Trading
The average holding cost of on-chain addresses is an important indicator for analyzing BTC market supply and demand dynamics. As of July 16, the average holding cost of BTC addresses was approximately $73,680. Based on the current BTC spot price of around $64,500, the overall unrealized loss of on-chain BTC holders stood at approximately -12.45%. Compared with June 30, when unrealized losses among on-chain addresses exceeded 23% at one point, current market holding pressure has eased significantly, and investor cost levels are gradually stabilizing.
Data Source: CryptoQuant
BTC On-Chain Futures Trading
Hyperliquid is currently the largest decentralized futures trading platform by market scale, and its on-chain futures data provides valuable insights into market leverage sentiment. As of July 16, the notional value of BTC long positions on Hyperliquid was approximately $1.3 billion, while BTC short positions totaled approximately $1.15 billion. The long-to-short ratio stood at around 53:47, indicating that long positions slightly outweighed short positions.
The average leverage multiple among traders on the platform is currently around 23.3x, suggesting that market risk appetite remains relatively elevated. Among the top ten addresses ranked by BTC futures positions on Hyperliquid, only the address “0x7a51” has achieved unrealized profits exceeding $2 million. Most other traders, regardless of whether they hold long or short positions, remain either in losses or close to breakeven.
Data Source: Hyperstats
ETH Market Performance Overview
Compared with BTC, ETH demonstrated a more pronounced range-bound trading pattern between July 3 and July 13. During these 11 days, ETH failed to effectively break above the key resistance level of $1,800. However, starting from the evening of July 14, ETH experienced a rapid upward move, rising from around $1,760 to $1,880, with a 24-hour gain exceeding 8%. By July 15, ETH had successfully stabilized above the $1,900 level. During this round of market recovery, ETH demonstrated stronger price performance compared with BTC.
Data Source: Bitunix
ETH Spot ETF Fund Flows
Over the past two weeks, ETH spot ETFs have continued to record steady net inflows. From July 1 to July 8, ETH spot ETFs maintained capital inflows for five consecutive trading days, indicating a continued recovery in market demand. However, in terms of overall market impact, ETH spot ETFs remain smaller than BTC ETFs. Currently, the largest ETH spot ETF, ETHA, holds an amount of ETH equivalent to approximately 2.2% of ETH’s total supply. By comparison, the largest BTC spot ETF, IBIT, holds BTC accounting for approximately 3.6% of BTC’s total supply. This indicates that, at the current stage, spot ETFs still have a relatively limited impact on ETH market liquidity and capital flows compared with BTC ETFs.
Data Source: Farside Investor
ETH Treasury Company Holdings Changes
Bitmine is currently the world’s largest ETH treasury company. Between July 6 and July 12, Bitmine accumulated an additional 27,801 ETH. The company’s current crypto asset holdings include 5,770,038 ETH, with 4,917,189 ETH currently staked. According to Corpstacking data, Bitmine’s average acquisition cost for ETH is approximately $3,053.
Data Source: SEC
ETH On-Chain Spot Trading
According to CryptoQuant data, as ETH prices bottomed out and rebounded above the $1,800 level, some large ETH-holding addresses have begun to return to profitable positions.
The average ETH holding costs of wallets across different balance sizes are as follows:
Addresses holding more than 100,000 ETH: average cost of $1,743
Addresses holding between 10,000 and 100,000 ETH: average cost of $2,117
Addresses holding between 1,000 and 10,000 ETH: average cost of $2,232
From a holdings structure perspective, large whale addresses benefit from earlier accumulation periods, resulting in significantly lower average costs compared with medium- and smaller-sized holders.
Data Source: CryptoQuant
ETH On-Chain Futures Trading
As of July 16, the notional value of ETH long positions on Hyperliquid was approximately $880 million, while ETH short positions totaled approximately $520 million. The long-to-short ratio stood at around 62:38, indicating a clear advantage for long positions. Among the top ten addresses ranked by ETH futures positions on the platform, only the “0x0ddf” wallet held a low-leverage short position. All other whale addresses maintained ETH long positions, suggesting that major market participants continue to hold strong bullish expectations for ETH’s future performance. The average leverage multiple on the platform currently stands at approximately 16.2x. Due to ETH’s multiple periods of significant volatility over the past two years, traders’ overall risk appetite remains more cautious compared with BTC.
Data Source: Hyperstats
HYPE Market Performance Overview
HYPE has been one of the strongest-performing blue-chip crypto assets over the past year. During the broader crypto market downturn and volatility, HYPE demonstrated relatively independent price performance, driven by the continued growth of the Hyperliquid ecosystem. However, during the latest market rebound, HYPE’s gains have not significantly outperformed other major assets. The token price has primarily traded within the range of $68 to $75. Since the beginning of 2026, HYPE has recorded a cumulative price increase of approximately 153%, significantly outperforming other major blue-chip crypto assets, including BTC, ETH, SOL, and BNB.
Data Source: Bitunix
HYPE Spot ETF Fund Flows
In May 2026, HYPE spot ETFs launched by Bitwise, 21Shares, and Grayscale were successively approved and began trading. Due to HYPE’s strong market performance since the beginning of the year, the ETFs attracted significant capital inflows shortly after launch, providing additional support for the token price. However, compared with BTC and ETH spot ETFs, the overall scale of HYPE ETFs remains relatively limited. During July, daily inflows and outflows remained below $10 million, meaning their direct impact on HYPE’s price performance has been relatively limited.
Data Source: Farside Investor
HYPE Treasury Company Holdings Changes
Hyperliquid Strategies is currently the largest HYPE treasury company, having previously operated as a biotechnology company. Benefiting from the substantial appreciation of the HYPE token, the company’s stock price has increased by more than 100% cumulatively since the beginning of 2026. Currently, Hyperliquid Strategies holds approximately 29.3 million HYPE tokens, representing around 2.93% of HYPE’s total supply. During July 2026, the company has not further increased its HYPE holdings.
Data Source: Hyperliquid Strategies
HYPE On-Chain Futures Trading
As of July 16, the notional value of HYPE long positions on Hyperliquid was approximately $650 million, while HYPE short positions totaled approximately $450 million. The long-to-short ratio stood at around 58:42, indicating that long positions maintained an advantage. Currently, the on-chain address “0xa9b9” established a 10x leveraged HYPE perpetual futures long position at an entry price of $39.63. The position has generated approximately $12 million in unrealized profit, making it one of the most profitable HYPE whale positions on the platform.
Data Source: Hyperstats
Blue-Chip Asset Biweekly Summary
Over the past two weeks, the crypto market rebounded after a significant correction. However, BTC’s current price remains below the average holding cost of on-chain addresses, which stands at $73,680. Meanwhile, Strategy’s average BTC acquisition cost for its 843,775 BTC holdings has reached $75,476, indicating that the market continues to face cost-related resistance.
In comparison, ETH has demonstrated stronger momentum. Some whale addresses holding more than 100,000 ETH have an average acquisition cost of $1,743, while Bitmine, the largest ETH treasury company, has an average ETH holding cost of approximately $3,053.
Overall, blue-chip crypto assets are gradually rebuilding market confidence. Whether BTC can return above institutional cost levels and whether ETH can break above the average holding cost of major treasury companies will become key indicators to monitor for future market trends.
Disclaimer
This article is not intended to provide:
(i) investment advice or investment recommendations;
(ii) an offer or solicitation to buy, sell, or hold digital assets; or
(iii) financial, accounting, legal, or tax advice.
Digital assets (including stablecoins and NFTs) involve high risk and may be highly volatile. You should carefully consider whether trading or holding digital assets is suitable for you based on your financial situation. For your specific circumstances, consult your legal, tax, or investment professionals. You are responsible for understanding and complying with all applicable local laws and regulations.
About Bitunix
Bitunix is a global cryptocurrency derivatives exchange trusted by over 3 million users across more than 100 countries. At Bitunix, we are committed to providing a transparent, compliant, and secure trading environment for every user. Our platform features a fast registration process and a user-friendly verification system supported by mandatory KYC to ensure safety and compliance. With global standards of protection through Proof of Reserves (POR) and the Bitunix Care Fund, we prioritize user trust and fund security. The K-Line Ultra chart system delivers a seamless trading experience for both beginners and advanced traders, while leverage of up to 200x and deep liquidity make Bitunix one of the most dynamic platforms in the market.
Bitunix Global Accounts
X | Telegram Announcements | Telegram Global | CoinMarketCap | Instagram | Facebook | LinkedIn | Reddit | Medium
