Crypto market is in wait mode – Coinbase report.

Coinbase says the crypto market entered a neutral phase in Q2 2026. There is no clear trend right now, and the main drivers are outside crypto itself – macro, oil, and geopolitics.

🟠 The Middle East and oil have become the key market drivers. BTC is moving more closely with the S&P 500, while its link to gold remains weak.
🟠 Total crypto market cap fell by about 18% in Q1, but the money mostly did not leave the system – it moved into stablecoins.
🟠 That looks more like waiting out volatility than full capitulation.
🟠 Institutions see the market closer to the late stage of the bear cycle, while BTC still looks undervalued to them.
🟠 Onchain data points to a market cleanup: short-term activity is falling, while long-term holders keep accumulating.
🟠 Ethereum, in Coinbase’s view, has already gone through capitulation and is slowly moving into recovery.
🟠 Capital is concentrating more and more in mainnet activity, stablecoins, and the RWA segment.
🟠 The main triggers ahead are either de-escalation, lower oil and inflation, or the opposite – a new escalation, higher oil, and recession risk.

The main takeaway is simple: the market is no longer moving as one big growth cycle, and from here money will likely flow not into everything, but into the strongest stories only.

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