Coinbase Report Maintains Neutral Outlook on Cryptocurrency Market Despite Positive Indicators

Coinbase Institutional and Glassnode have released their joint market report for the third quarter of 2026, stating that they maintain a neutral outlook for the cryptocurrency market.

The total cryptocurrency market capitalization, excluding stablecoins, declined by approximately 12 percent in the second quarter of the year.

However, the stablecoin supply reached an all-time high, indicating increased liquidity held by investors outside the market.

On-chain data suggests that Bitcoin may be transitioning from a correction and rebalancing phase to an accumulation period, with indicators historically coinciding with accumulation phases rather than distribution phases.