Svmuu News Coinbase Institutional and Glassnode have jointly released a market report maintaining a neutral outlook on the crypto 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 the stablecoin supply reached a record high. On-chain data indicates that Bitcoin may be transitioning from a correction phase to an accumulation phase, as valuations have compressed, recent active supply is near multi-year lows, and the proportion of profit-taking supply has fallen below the lower bound of historical statistics—conditions that historically correspond to accumulation rather than distribution.However, the macro liquidity environment remains tight; the Federal Reserve, under the leadership of Kevin Warsh, maintains a hawkish stance; the U.S. dollar remains strong; and these factors are compounded by geopolitical risks, selling pressure from digital asset treasuries, and net outflows from BTC and ETH spot ETFs in the first half of the year—even though the pace of outflows has begun to slow. Therefore, we remain cautious overall.