Coinbase Information: Maintaining a neutral view of the Q3 encryption market

On 24 July, Coinbase Institute and Glassnode jointly published a market report to maintain a neutral outlook for the encrypted market in the third quarter of 2026. In the second quarter, the total market value of the encrypted market, which does not contain a stable currency, fell by about 12 per cent, with a record high in the supply of stable currency. The chain data indicate that bitcoin may be moving from the revision/adjustment phase to the accumulation phase, with a condensed valuation, a recent active supply approaching a low point of many years, and a share of the profit-making supply falling off the path of historical statistics (historically corresponding to accumulation rather than distribution regions). However, the macroeconomic liquidity environment is tight. The Fed, led by Kevin Warsh, has maintained the hawk position, with the United States dollar being strong, superseding geo-risk, pressure on the digital asset bank to sell, and the first half of the year of the BTC/ETH spot ETF net outflow (although the rate of outflows has begun to slow down), and has therefore been cautious as a whole。