Ethereum is ending the second quarter of 2026 in a rough spot: two consecutive double-digit negative quarters, a market cap that has slipped out of the global top 100 assets, and a derivatives market where buyers are present but unable to push price higher.
Two on-chain signals are flashing together: long-term coins that move are now changing hands at a loss, and the profit/loss ratio of spent coins sits at bear-market lows.
Public companies now hold more Bitcoin than at any point in history, and the more striking part is that some of them kept buying as the price fell.
Fundstrat's Tom Lee has a specific analogy for where crypto sits right now, and it's worth unpacking.
Bitcoin's 53% drawdown is the mildest in its history, where past cycles fell 80% or more. Yet two other data points complicate that bullish read, and together the three resist a simple answer.
Chainlink is sitting near its 2026 lows, and its on-chain data is doing something that doesn't usually happen at the bottom of a selloff.
While most of the crypto market has been selling on macro fears, Solana has been doing something different: rising.
Hunter Horsley, CEO of Bitwise Asset Management, one of the largest crypto-focused asset managers, argues that fixating on the current levels misses the forest for the trees.
Macro investor Raoul Pal has a clear answer to the question hanging over the market: this isn't the end of the crypto cycle, it's the middle of it.
ETH is trading at $1,550, and its liquidation map tells a lopsided story. Across Binance, OKX, and Bybit over the past 180 days, the leverage is almost entirely stacked on the short side, above current price. Below it, there's very little left.
Two record-breaking data points are sitting side by side in Bitcoin's on-chain data right now, and together they describe an unusual market.
Binance is winding down its crypto services across the European Union from July 1, 2026, after failing to secure the license it needs to keep operating in the bloc.



