Coinbase Institutional Maintains Neutral Outlook on Crypto Market for Q3 2026

Odaily Odaily reports that Coinbase Institutional and Glassnode have jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market (excluding stablecoins) declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data suggests that Bitcoin may be transitioning from a correction phase to an accumulation phase, characterized by compressed valuations, near-multi-year lows in recent active supply, and the proportion of supply in profit breaking below historical statistical lower bounds—historically corresponding to accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under Kevin Warsh's leadership, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from spot BTC and ETH ETFs in the first half of the year (though the pace of outflows has begun to slow), thus overall caution is advised.