Bitunix Token Pulse Weekly Report: BTC Reclaims $80,000, ENA Surges 56%, Crypto Market Extends Rebound

Statistical Period: August 22, 2026 – August 28, 2026
Data Cutoff: August 28, 2026

Market Overview: Bitcoin Reclaims $80,000 as Global Markets Focus on the Jackson Hole Central Bank Symposium

This week, global financial markets turned their attention to monetary policy and the recovery of liquidity in the cryptocurrency market. The crypto market staged a significant rebound from August 25 to 26, with strong inflows into spot ETFs and a weaker U.S. dollar helping Bitcoin briefly reclaim the $80,000 level, while Ethereum also recovered to $2,500. Meanwhile, the major Asian Bitcoin conference Bitcoin Asia (Bitcoin HK) opened in Hong Kong on August 27, attracting more than 10,000 institutional representatives and investors from around the world and further strengthening confidence in the regional crypto ecosystem.

At the macroeconomic level, global markets are closely watching the Jackson Hole Global Central Bank Symposium, which will be held from August 27 to 29. The theme of this year's symposium is “Financial Innovation: Implications for Payments and Policy,” and Federal Reserve Chair Kevin Warsh is expected to deliver his first keynote speech at the symposium since taking office. Market participants are closely assessing the Federal Reserve's latest policy signals regarding the inflation outlook, interest-rate forward guidance, and balance sheet policy.

The Bitunix Token Pulse Weekly Report will continue tracking the performance of the top 300 tokens by market capitalization listed on Bitunix, while also monitoring trends in popular U.S. stock contract markets to provide investors with market insights and strategic references.

Crypto Asset Performance: Crypto Market Extends Its Rally, with More Than 80% of Tokens Posting Gains

Supported by the continued positive impact of previous U.S. crypto policy developments, the cryptocurrency market extended its upward momentum this week, with significant gains across multiple sectors. Among the Top 300 tokens tracked by Bitunix, the median weekly return was +6.49%. BTC surged 7.10% over the past seven days and has now broken above $80,000. ETH underperformed BTC, gaining 6.46% this week. Major cryptocurrencies broadly advanced, with several tokens including BNB, SOL, and HYPE posting gains of more than 8%.

Top Gainers - Multiple Tokens Gain More Than 30%, with High-Performing Tokens Emerging in Large Numbers

Compared with last week, when the broader market rose but relatively few tokens posted substantial gains, this week saw a number of small-cap tokens deliver significant rallies. ENA extended its strong performance from last week, rising another 55% this week. STX recorded the largest gain of the week, surging 76%, as the Bitcoin Layer 2 narrative once again attracted market attention. Meanwhile, several Memecoins, including SPX, TRUMP, WIF, and PENGU, gained more than 20% this week.

Data Source: Bitunix Note: Price and performance data were collected at 2:00 AM UK time (UTC+0)

Top Losers - Some Tokens That Previously Rallied During the Range-Bound Market Declined Against the Broader Trend

Less than 20% of the tokens tracked recorded losses this week. Among the declining tokens, several including STABLE, JTO, and H had previously appeared on the weekly top gainers list. This may indicate that tokens that rallied early during the previous range-bound market accumulated relatively large amounts of profit-taking pressure. As the broader market entered a widespread rally, these tokens may have required additional time to absorb selling pressure, resulting in some of them declining against the broader market trend.

Data Source: Bitunix Note: Price and performance data were collected at 2:00 AM UK time (UTC+0)

Hot Token Deep Dive: ENA — The Governance Token of Synthetic Stablecoin USDe Issuer Ethena

ENA is the governance token of stablecoin issuer Ethena. Ethena is a synthetic dollar protocol built on Ethereum. Its core product, USDe, is not a traditional stablecoin directly backed by bank deposits or short-term U.S. Treasury securities. Instead, it uses mechanisms such as crypto asset collateralization and derivatives hedging to seek to maintain a 1:1 peg to the U.S. dollar. ENA holders can participate in the governance of the Ethena protocol, including certain parameter adjustments and decisions related to ecosystem development. As a result, the value of ENA is closely linked to the development of the Ethena protocol and the market size of USDe.

ENA Technical Analysis: Over the Past Week: Two Consecutive Weeks on the Top Gainers List, with a “Small-Step, Fast-Paced” Pattern

The ENA token completed its TGE in 2024 and briefly broke above $1 after listing. However, as liquidity in the cryptocurrency market continued to concentrate on leading assets, the price of ENA eventually fell below $0.10. The current rally began on August 19, when 13 consecutive short bullish candles appeared on the 2-hour chart, forming a “small-step, fast-paced” upward pattern. Compared with the rapid “A-shaped” move driven by a single long bullish candle, this pattern is typically accompanied by more stable buying pressure, while trading volume also shows a steady expansion trend.

From August 24 to August 27, ENA entered a consolidation phase. After trading sideways for a period, ENA began a second round of gains on August 27. Compared with the first rally, this move showed a more pronounced step-like pattern: each long bullish candle was followed by two bearish candles for a brief correction before the price moved higher again. As of now, ENA has gained 28% over the past 24 hours, maintaining its strong momentum.

Data Source: Bitunix

ENA Tokenomics Analysis: Ethena Foundation Proposes Token Buyback Mechanism to Optimize ENA Tokenomics

On the afternoon of August 27, the Ethena Foundation proposed four ecosystem updates, including a “Revenue Conversion” governance proposal. Under the proposal, Ethena would use the net revenue generated by various businesses under the Ethena brand to programmatically buy back ENA tokens. Once USDe supply reaches the first milestone of $7.5 billion, compared with approximately $4.06 billion currently, 95% of the net revenue generated by each business line would be used to buy back ENA.

Voting on the revenue buyback proposal began on August 27 and is expected to end on September 2. The proposal has currently received approximately 14 million votes in favor, representing a 100% approval rate and exceeding the 5 million votes required to meet the quorum threshold. If the proposal is ultimately approved and implemented, Ethena’s future business revenue would continuously translate into market demand for ENA. The buyback-and-burn mechanism could also reduce the circulating supply of ENA, potentially increasing its scarcity. The current ENA rally is partly associated with market expectations surrounding the proposed buyback mechanism. However, whether the mechanism can provide long-term support for ENA’s value will still depend on the growth of USDe, Ethena’s business revenue, and the actual implementation of the governance proposal.

Data Source: Snapshot

Ethena Fundamental Analysis: USDe Is Currently the Sixth-Largest Stablecoin, with Trading Volume Up 62.35% Over the Past Month

As a synthetic stablecoin issuance protocol, Ethena’s core product is USDe, and its protocol revenue is closely linked to USDe issuance and related yield mechanisms. As of August 2026, USDe has a market capitalization of approximately $3.59 billion, ranking sixth globally and remaining smaller than major stablecoins such as USDT, USDC, and USDS. However, compared with its own historical performance, USDe has recently maintained relatively rapid growth. Over the past month, USDe trading volume increased by 62.35%, while its total supply rose by 1.58%, indicating increased market activity. Synthetic stablecoins maintain their dollar peg through mechanisms involving crypto assets and derivatives and can also provide yield, allowing USDe to continue attracting demand from certain investors.

For ENA, the market size and usage demand for USDe are important fundamental indicators to monitor. If USDe continues to expand, Ethena’s revenue and its potential funding capacity for ENA buybacks could also increase.

Data Source: Artemis

ENA Smart Money Analysis: AAVE Whale Address Accumulates 39 Million ENA

According to Arkham data, the wallet address “0x2a79” has been identified as an AAVE whale and currently holds more than $5 million worth of AAVE. Notably, approximately three weeks ago, the address accumulated 39 million ENA tokens transferred from multiple Binance hot wallets. Its current ENA holdings are worth more than $6 million, making ENA the token with the highest value among the address’s holdings. When the ENA tokens were transferred from Binance hot wallets, ENA was trading at approximately $0.092. Based on the current price, the address’s ENA holdings have generated an unrealized gain of more than 80%, giving the whale a substantial paper profit during the current ENA rally.

Data Source: Arkham

Is ENA Still Worth Buying?

From a technical perspective, ENA has maintained an upward trend for two consecutive weeks, with relatively steady price action and a degree of momentum persistence. In terms of token unlocks, approximately 33% of ENA remains locked, while the current circulating supply is at a relatively moderate level. Additional short-term selling pressure from newly unlocked tokens should therefore continue to be monitored. In addition, the revenue buyback mechanism proposed by the Ethena Foundation would further link the value of ENA to the revenue performance of the Ethena protocol. If the mechanism is officially implemented and executed consistently, it could provide a degree of long-term value support for ENA.

However, ENA still faces certain resistance to further gains. The token briefly traded above $1 after listing and is currently priced at approximately $0.17. Holders who bought at previous highs may create selling pressure if the price rebounds toward those levels. Investors should therefore consider market conditions, token unlocks, the development of the Ethena protocol, and the actual implementation of the buyback mechanism, while making trading decisions based on their own risk tolerance.

Summary of ENA Recent Trends

ENA extended its strong upward momentum this week, appearing on the top gainers list for two consecutive weeks and gaining 28% over the past 24 hours, indicating active buying interest. From a fundamental perspective, USDe trading volume increased by 62.35% over the past month, while the Ethena Foundation’s proposed revenue buyback mechanism has further increased market attention toward ENA. In the short term, investors should continue to monitor selling pressure from token unlocks and holders trapped at historical highs. Going forward, the growth of USDe, protocol revenue, and the implementation of the buyback mechanism will be key factors to watch.

Stock Contract Weekly Performance: Crypto-Related Stocks Extend Gains, While Chip Stocks Diverge

Driven by the continued strength of the cryptocurrency market from the previous week, crypto-related stocks in the U.S. equity market continued to advance this week. MSTR gained more than 22.32% this week, while CRCL also rose 13.25%, extending its gains from the previous week. Chip stocks, meanwhile, showed more pronounced divergence. Memory chip leader Sandisk continued to consolidate after retreating from its highs, falling 7.25% this week. Intel was largely unchanged after its sharp decline the previous week. NVIDIA, however, gained more than 5%, supported by strong earnings and results that exceeded market expectations.

Featured Stock Contract Analysis — MSTR

Strategy rose sharply for the second consecutive week, breaking above $135 for the first time in nearly 12 weeks. Strategy currently holds 840,447 Bitcoin at an average purchase price of $75,385. As Bitcoin advanced for five consecutive days and broke above $80,000, Strategy’s BTC holdings returned to profitability for the first time since July, with unrealized gains reaching approximately $3.95 billion. As the single largest institutional holder of BTC, Strategy’s Bitcoin accumulation activity has consistently attracted significant market attention. If the company makes another large BTC purchase in the future, the market may view it as an important signal that institutional capital remains bullish on Bitcoin.

Data Source: Bitunix

Commodities Contracts Analysis: Fed Dovish Signals Drive Broad Commodity Rally

Bitunix has listed a range of commodity contracts, including Gold, Silver, Crude Oil, and Natural Gas, providing users with broader cross-market trading options. This week, precious metals including gold, silver, and platinum failed to extend the gains from the previous week. Gold consolidated at elevated levels after rebounding above $4,500, while silver and platinum showed similar price action. Following their rapid gains in the previous period, precious metals have entered a consolidation phase as the market takes time to digest the previous rally, with short-term caution increasing. Brent crude oil also weakened slightly this week and has now fallen below $90. The decline in oil prices reflects continued market assessment of the supply-demand outlook and global economic growth, while geopolitical developments and changes in crude oil supply remain key factors to monitor.

Data Source: Bitunix

Macro Catalyst: Key Focus for Next Week — U.S. August Unemployment Rate

Looking ahead to next week, market attention will focus on the U.S. August unemployment rate, scheduled to be released by the U.S. Bureau of Labor Statistics on September 4. The unemployment rate is an important indicator of the health of the U.S. labor market and a key reference for the Federal Reserve when assessing economic conditions and formulating monetary policy. If the unemployment rate comes in above market expectations, it would typically indicate that the labor market is cooling faster than expected and that pressure on the U.S. economy is increasing. This could raise expectations for Federal Reserve rate cuts and potentially push U.S. Treasury yields lower, creating a more accommodative liquidity environment for risk assets such as U.S. equities and cryptocurrencies. Conversely, if the unemployment rate comes in below expectations, it would indicate that the labor market remains resilient, potentially reducing expectations for Federal Reserve rate cuts or even pushing back the timing of future cuts, which could put some pressure on risk asset prices.

Conclusion

The cryptocurrency market extended its rebound this week, with BTC reclaiming the $80,000 level and more than 80% of tokens recording gains, indicating a broad recovery in overall risk appetite. ENA and STX were among the standout performers, with ENA becoming a major market focus amid the growth of USDe and the proposed revenue buyback mechanism. Looking ahead, the U.S. August unemployment rate will be an important macro catalyst, and its potential impact on market expectations for Federal Reserve rate cuts will be worth monitoring closely.

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.

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