Crypto Weekly Report (2026/8/10): BTC Moves Higher in Consolidation as ETF Inflows Support Market Recovery

Summary: The crypto market remained in a consolidation and recovery phase this week, with BTC rebounding to around $65,000. Capital flows improved significantly, with U.S. spot crypto ETFs recording over $1.1 billion in net inflows last week, making institutional capital returning to the market a key source of support. On the macro front, weaker U.S. employment data further strengthened expectations for a September rate cut, while declining Treasury yields and a weaker U.S. dollar eased pressure on risk assets.

Crypto Market Overview

1. Market Trends and Price Action

From August 3 to August 9, 2026, the crypto market remained in a consolidation and recovery phase, with Bitcoin (BTC) trading primarily within the $63,000–$65,000 range. The total global crypto market capitalization fluctuated within a narrow range around $2.27 trillion, reflecting a market structure characterized by broad-market consolidation and rotation into selected hot sectors.

• Bitcoin (BTC): BTC reached a weekly high of $65,196, gaining approximately 3.7% over the past seven days. The $65,000–$65,600 range remains a key resistance zone, facing both technical resistance and selling pressure from previous holders. On the downside, the $62,000–$63,000 area continues to serve as an important support zone.
• Ethereum (ETH): ETH traded mainly within the $1,860–$1,920 range during the week, gaining approximately 3.6% over the past seven days. Further upside may depend on new catalysts from the Ethereum ecosystem or application layer.
• Hot Tokens: BTW gained approximately 148% over the past seven days, making it one of the week’s standout performers, while PUMP rose approximately 39% over the same period. Capital remains concentrated in specific narratives and high-momentum assets, with no broad-based altcoin rally emerging yet.

2. Capital Flows & Market Sentiment

Last week, U.S. spot crypto ETFs saw a strong rebound in capital flows, with total weekly net inflows exceeding $1.1 billion. Net inflows were recorded across multiple consecutive trading sessions, reversing the previous trend of periodic outflows and signaling a notable improvement in institutional sentiment.

BTC Spot ETFs: All five trading sessions recorded net inflows, with total weekly net inflows of approximately $853.5 million. BlackRock’s IBIT led the inflows, attracting approximately $693.7 million over the week, accounting for more than 80% of total BTC ETF net inflows. Fidelity’s FBTC followed with approximately $116.4 million in net inflows.

Data source: SoSoValue

ETH Spot ETFs: Capital flows also improved, with weekly net inflows of approximately $244.9 million, marking the fifth consecutive week of net inflows and the longest streak of weekly inflows in 2026 so far.

Data source: SoSoValue

Although weekly net inflows increased significantly, overall ETF turnover and trading volume remained relatively subdued following the previous period of low activity, suggesting that last week’s buying was driven primarily by medium- to long-term institutional accumulation at relatively lower price levels.

3. Macroeconomy: Rate-Cut Expectations and Nonfarm Payrolls

U.S. July employment data came in significantly weaker than expected, with nonfarm payrolls unexpectedly declining. Market expectations for further Federal Reserve rate hikes eased notably, while expectations for a September rate cut strengthened, contributing to an overall improvement in risk appetite.

U.S. Treasury yields declined in response, while the U.S. Dollar Index remained elevated but continued to pull back. The broader macro-financial environment became less restrictive for Bitcoin and other non-yielding risk-on assets, as investors began positioning ahead of potential capital gains during a more accommodative monetary policy cycle.

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Hot Market Events

• CLARITY Act Delayed, Crypto Regulation Remains a Key Market Driver

The U.S. crypto market structure bill CLARITY Act failed to advance to a Senate vote before the summer recess and is expected to be prioritized when lawmakers return in September.

The delay has prolonged uncertainty surrounding the boundaries of U.S. crypto regulation, particularly regarding the unclear division of authority between the CFTC and SEC, which continues to create challenges for the altcoin ecosystem.

Although discussions may resume after the September session, increasing political tensions ahead of the midterm elections could further delay the timeline for regulatory clarity, requiring the market to adjust expectations for the realization of regulatory benefits.

• Wintermute Completes U.S. Broker-Dealer Registration

Crypto market maker Wintermute’s U.S. subsidiary has completed broker-dealer registration with the SEC and FINRA, enabling the company to participate in equities, options trading, and digital asset-related ETP/ETF activities.

The registration marks a milestone in the integration of Web3-native market makers into traditional financial infrastructure (TradFi). With broker-dealer approval, Wintermute can not only participate in ETF creation and redemption activities as an Authorized Participant (AP), but also establish a foundation for future tokenized securities trading and 24/7 settlement infrastructure. The influence and market-making capabilities of leading crypto institutions are becoming increasingly strengthened.

• Over 100 Crypto Projects Have Exited the Market in 2026

Year-to-date, over 100 crypto projects have shut down, declared bankruptcy, or permanently ceased operations, signaling that the industry has entered an accelerated phase of market clearing and consolidation.

The crypto market has completely evolved from an early era of “indiscriminate liquidity flooding” into a “zero-sum game marked by extreme consolidation at the top.” Liquidity and users are rapidly concentrating around high-quality projects featuring real protocol revenue, high user retention, and genuine Product-Market Fit (PMF). Meanwhile, “vaporware projects” lacking self-sustaining revenue mechanisms and real-world use cases are facing an accelerated phase of elimination.

• SpaceX Releases First Quarterly Earnings Report After Going Public

SpaceX’s first quarterly earnings report following its IPO showed Q2 revenue of $7.814 billion, representing a 92% year-over-year increase, while net losses narrowed to $541 million.

From a business perspective, Starlink’s satellite internet business has entered a relatively stable profitability phase. The space launch business continues to grow steadily but remains investment-intensive, while AI computing capacity rental has become the fastest-growing segment and the area requiring the largest capital expenditure.

The report highlights the growing importance of AI infrastructure and computing resources, reinforcing market attention toward AI-related investment themes.

• Coldcard Vulnerability Losses Approach $114 Million

A security incident involving vulnerabilities in the Coldcard hardware wallet firmware continues to develop, with total observed losses approaching $114 million. If compared with traditional physical theft cases, the amount would rank among the largest theft incidents in U.S. history.

The incident once again highlights the importance of wallet security, asset custody, and private key management. As institutional adoption and digital asset ownership continue to expand, security capabilities are expected to become a key competitive factor for crypto infrastructure providers.

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Key Highlights to Watch This Week

1. Token Unlock Overview

The crypto market will see several large-scale one-time token unlocks this week, with a combined unlock value exceeding $62 million. Among them, YZY has the largest unlock, accounting for 22.83% of its current circulating supply, making potential selling pressure a key factor to watch.

The unlock ratios for CONX, ARB, and APT are relatively lower, but their potential market impact should still be assessed alongside price performance and market liquidity before and after the unlocks.

Token	Unlock Date	Unlock Amount	Unlock Value	% of Circulating Supply
YZY	Aug. 16	120 million	~$35.22 million	22.83%
CONX	Aug. 15	1.32 million	~$11.55 million	1.43%
ARB	Aug. 16	92.65 million	~$9.17 million	1.61%
APT	Aug. 12	11.31 million	~$6.66 million	0.66%

2. Key Events Ahead

Looking at the upcoming event calendar, the market is set to navigate a multi-dimensional mix of catalysts and tests across macro inflation data, traditional tech policy, and crypto industry regulation.

Early in the week, focus should be placed on capital spillover into the semiconductor and AI sectors, while midweek US CPI data will directly dictate Federal Reserve rate cut expectations and determine whether the broader market can break through key resistance levels.

Date	Key Event	Potential Market Impact
Aug. 10	ChangXin Technology (CXMT) is set to be included in the MSCI China All Shares Index following its IPO listing, effective Aug. 10.	May increase institutional attention and passive fund exposure to China’s semiconductor sector.
Aug. 11	South Korea’s Special Act on Strengthening the Competitiveness of the Semiconductor Industry officially takes effect, providing up to 100% government funding support for semiconductor cluster infrastructure.	May further support South Korea’s semiconductor industry and related technology sectors.
Aug. 12	The U.S. will release its latest CPI data.	A key indicator for assessing inflation trends and the Federal Reserve’s rate-cut path, with potential implications for crypto and other risk assets.
Aug. 15	Russia will impose a cryptocurrency mining ban in Moscow, Moscow Region, and eight districts of Kursk Region, effective through Dec. 31, 2032.	May affect regional mining activity and add uncertainty to the global Bitcoin mining landscape.