Coinbase and Glassnode Maintain Neutral Outlook for Q3 Crypto Market
Coinbase Institutional and Glassnode jointly released a market report maintaining a neutral outlook for the cryptocurrency market in Q3 2026.
In Q2, the total cryptocurrency market cap excluding stablecoins fell by about 12%, while the supply of stablecoins reached an all-time high; on-chain data indicates that Bitcoin may be shifting from correction to accumulation, but macro liquidity remains tight.
The report is event-driven, with institutional positions remaining cautious, as funds await signals of improved liquidity. Beneficiaries are stablecoins and assets in the accumulation phase, while high-beta altcoins are under pressure.
Source: Public Information
ABAB AI Insight
Coinbase Institutional and Glassnode regularly publish the Charting Crypto series reports, combining institutional research and on-chain data. This time, they provide a neutral assessment against the backdrop of the Fed's hawkish stance and net outflows from ETFs.
On the capital front, the report notes that valuation compression and low active supply often correspond to accumulation zones, with resources shifting from trading capital to long-term allocation, motivated by the desire to increase positions after macro and regulatory catalysts.
Similar cases can be seen in neutral reports from the bottom of the bear market in 2022-2023, currently in a transitional phase of potential accumulation and liquidity constraints following a correction.
Essentially, this reflects capital concentration, with the mechanism being that on-chain indicators lead prices, and institutions determine position timing based on data rather than sentiment.
ABAB News · Law of Cognition
- Neutral outlooks are often signals near the bottom.
- Record high stablecoin supply indicates potential liquidity.
- Macro liquidity ultimately dictates the rhythm of crypto.