Coinbase Institutional maintains a neutral outlook on the crypto market for Q3 2026

Odaily reported that Coinbase Institutional, in collaboration with Glassnode, has 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) fell 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, with valuation compression, near-term active supply approaching multi-year lows, and the proportion of supply in profit falling below historical statistical lower bounds—historically indicative of accumulation rather than distribution zones. However, the macro liquidity environment remains tight, with the Federal Reserve maintaining a hawkish stance under the leadership of Kevin Warsh, a strong U.S. dollar, coupled with geopolitical risks, selling pressure from digital asset treasuries, and net outflows from BTC and ETH spot ETFs in the first half of the year (though the outflow pace has begun to slow), the overall outlook remains cautious.