Five numbers from CoinGecko’s Q2 report explain why market cap is one of the weakest ways to read crypto.


➜ Total market cap fell 12.6% to $2.1T
➜ Stablecoin supply slipped 1.6% to $305.1B, its first quarterly decline since Q3 2023
➜ Prediction market volume jumped 48.7% to $113.8B
➜ CEX spot volume dropped 27.9% to $1.95T
➜ CEX perpetual volume declined 10% to $12.7T
A weaker market usually pulls everything lower.
That isn’t what happened.
Spot trading slowed.
Perpetual activity cooled.
Stablecoin growth paused.
Yet prediction markets kept expanding.
Crypto didn’t weaken evenly.
Demand became more selective.
Broad market headlines describe the average.
Capital allocation shows where conviction remains.
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