Coinbase 聯合 Glassnode 發布《2026年第二季加密市場趨勢報告》指出，加密市場走勢仍主要由宏觀經濟變數與中東地緣局勢主導，短期市場不確定性偏高；比特幣NUPL指標已從第一季「恐懼」區間回升至「樂觀」區間，約75%機構投資人及71%散戶投資人認為比特幣目前價格被低估。

以太幣部分，第一季短期籌碼（持有時間未滿三個月）減少38%，長期籌碼（持有時間超過一年）微幅上升1%。整體而言，宏觀環境變動有望支撐加密資產短期築底，並在第二季後期展開反彈回升。

Coinbase, together with Glassnode, released the *Charting Crypto Q2 2026* report. It states that the crypto market remains largely driven by macroeconomic conditions and Middle East geopolitics, with high short-term uncertainty.

Bitcoin’s NUPL indicator has rebounded from the “fear” phase in the first quarter to the “optimism” zone. Around 75% of institutional investors and 71% of retail investors believe Bitcoin is undervalued.

For Ethereum, short-term supply (coins held less than three months) dropped by 38% in Q1, while long-term supply (held more than one year) rose by 1%.

Overall, changes in the macro environment may support crypto assets in forming a near-term market bottom and staging a rebound later in the quarter.