[Coinbase Institutional: Maintains Neutral Outlook on Q3 Crypto Market] BlockBeats News, July 24, Coinbase Institutional and Glassnode jointly released a market report, maintaining a neutral outlook on the cryptocurrency market for the third quarter of 2026. In the second quarter, the total market capitalization of cryptocurrencies, excluding stablecoins, declined by approximately 12%, while stablecoin supply reached an all-time high. On-chain data indicates that Bitcoin may be transitioning from a correction/adjustment phase to an accumulation phase, with valuation compression, recently active supply nearing multi-year lows, and the proportion of profitable supply falling below the historical statistical lower bound (historically often corresponding to accumulation rather than distribution zones). However, the macro liquidity environment remains tight. Under the leadership of Kevin Warsh, the Federal Reserve maintains a hawkish stance, with a strong dollar, compounded by geopolitical risks, digital asset treasury sell-off pressure, and net outflows from BTC/ETH spot ETFs in the first half of the year (though the outflow rate has begun to slow). As a result, a cautious stance is maintained overall. [Original Link]