Report: Bitcoin Leads Stabilization in Crypto Market, On-Chain Data Shows Positive Signals

On April 27, Fidelity Digital Assets released the “Q2 2026 Signal Report,” indicating that although the overall crypto market is in a consolidation phase at the beginning of the second quarter, several underlying data points have shown signs of stabilization. The report highlights that Bitcoin’s dominance continues to rise, with capital increasingly concentrated in the most liquid assets. Levels of unrealized profits and momentum indicators align with characteristics typical of a correction phase, potentially laying the groundwork for a more stable market structure in the future. Meanwhile, the network usage and price trends of Ethereum and Solana have diverged, indicating that demand at the protocol layer remains robust. The report also notes that Bitcoin futures are currently experiencing negative funding rates, which research firm 10x believes reflects structural hedging behavior by institutions rather than an overall bearish signal.