Coinbase Institutional Maintains Neutral Outlook for Q3 Crypto Market

Coinbase Institutional, in collaboration with Glassnode, has released a market report predicting that the crypto market will maintain a neutral outlook in the third quarter of 2026. In the second quarter, the total market capitalization of the crypto market, excluding stablecoins, decreased by approximately 12%, while the supply of stablecoins 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, recent active supply nearing multi-year lows, and the proportion of profitable supply falling below historical lower bounds, which typically corresponds to accumulation rather than distribution zones. However, the macro liquidity environment remains tight. The Federal Reserve, under Kevin Warsh's leadership, maintains a hawkish stance, with a strong dollar, compounded by geopolitical risks, selling pressure from digital asset treasuries, and net outflows from BTC/ETH spot ETFs in the first half of the year (although the outflow rate has begun to slow), leading to an overall cautious stance.