Coinbase Institutional and Glassnode have released a report maintaining a neutral outlook for the cryptocurrency market in the third quarter of 2026. The total market value of the cryptocurrency market without stablecoins in the second quarter decreased by about 12%, and the supply of stablecoins reached a historical high. On chain data shows that Bitcoin is transitioning from a correction phase to an accumulation phase, with valuation compression, recent active supply approaching multi-year lows, and the proportion of profitable supply falling below historical statistics. The macro liquidity environment is tight, and Federal Reserve Chairman Kevin Walsh maintains a hawkish stance. The US dollar is strong, coupled with geopolitical risks, selling pressure from digital asset inventories, and net outflows from BTC/ETH spot ETFs in the first half of the year, overall caution is maintained.
