# Q2Report

A quiet 2 close turned loud once the final tally hit. Data from a major aggregator showed crypto market value down $304.8B in a 12.6% drop, to around $2.1T. That level is the lowest since Sep 2024 and roughly 52% below the Oct 2025 peak. Bitcoin lost 14.2%, Ether fell 25.4%, both lagging US equity benchmarks.
Why did risk bleed? Tight Fed tone, US-Iran headline risk, and a large corporate sale of BTC that spooked flows. Spot volume across top venues fell to $1.95T, down 27.9%, while stablecoin cap eased 1.6% to $305.1B. USDC slipped $3.7B to $73.5B; Tether held near $184.4B, lifting its share