Coinbase Institutional: Maintains a Neutral Outlook for the Q3 Crypto Market

Gold Finance reported that on July 24, Coinbase Institutional and Glassnode jointly released a market report, maintaining a neutral outlook for the crypto market in Q3 2026. In the second quarter, the total market capitalization of the crypto market excluding stablecoins fell by about 12%, while stablecoin supply hit a new all-time high.
On-chain data suggests that Bitcoin may be shifting from a correction/adjustment phase toward an accumulation phase: valuation compression, recent active supply approaching a multi-year low, and the share of profitable supply falling below the historical statistical lower bound (historically often corresponding to accumulation rather than distribution zones).
However, the macro liquidity environment is tight. The Federal Reserve, under the leadership of Kevin Warsh, maintained a hawkish stance; the U.S. dollar stayed strong; together with geopolitical risks, pressure from digital asset treasury sell-offs, and net outflows from spot BTC/ETH ETFs in the first half of the year (though the outflow pace has started to slow), the overall posture remains cautious.
COIN-1.74%
BTC-2.13%
ETH-1.85%
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