Coinbase x Glassnode:

Charting Crypto Q2 2026

Our quarterly, data-driven market view for institutional investors making allocation and risk decisions in digital assets.

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Charting Crypto Q2 2025 by Coinbase Institutional and Glassnode

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Institutions rely on Coinbase Institutional to understand, plan, and realize opportunities created by digital assets and web3.

Institutional investors leverage Glassnode's industry-leading market intelligence to drive allocation decisions in digital assets.

The report includes:

Market Overview

Including crypto market cap, cycle performance and correlations to other assets.

Bitcoin

13 slides on BTC including performance, holding patterns, and market trends.

Ethereum

11 slides on ETH iIncluding price trends, staking, Layer 2 activity, and more.

Stablecoins

Insights on stablecoin supply and the asset's increasing utility in financial systems.

Macro View
Fresh insights on market cycles, volatility correlations and on-chain behavior.
Investor Survey
See how 91 global investors (including 29 institutions) see the market.

Our market outlook

We are neutral for Q2 2026.

Find out why, along with the factors that may change this view.

Rising macro pressure and a sentiment shift

Digital asset markets are consolidating as macro uncertainty dominates the narrative. The 39-page report is packed with takeaways to help you navigate a crucial time for digital assets. Here are some of them:

Liquidity Remains on the Sidelines

The Q1 drawdown did not trigger a broad exit from crypto markets. While total market capitalization (excl. stablecoins) declined by around 18%, stablecoin supply continued to grow, pointing to capital rotating into cash-like instruments within the ecosystem.

Macro Correlations

Cross-asset correlations further underline the current environment's macro-driven nature. Bitcoin’s correlation with equities has risen to statistically significant levels, while its relationship with gold remains weak. In practice, this positions crypto more as a liquidity-sensitive risk asset than a macro hedge in the near term.

BTC Price Performance Since Cycle Low Chart by Glassnode

Capital Concentrates at Ethereum’s Base Layer

Capital is concentrating at Ethereum’s base layer, with stablecoin supply and tokenized real-world assets continuing to grow even as broader activity softens, while ETH has outperformed major L2 tokens since late 2025.

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