The firm said improving readings across all three areas point to a market finding its footing.
Bitcoin News
The digital asset market entered the second quarter in consolidation, but early signs of stabilization are emerging beneath the surface, Fidelity Digital Assets said in its Q2 2026 Signals Report published Monday. The report was led by analyst Daniel Gray.
Rather than relying solely on price, the report assesses market conditions through unrealized profitability, momentum indicators, and network usage across Bitcoin,Ethereum, and Solana. The firm said improving readings across all three areas point to a market finding its footing.
Bitcoin is described as the primary anchor of the current market cycle. Capital remains concentrated in Bitcoin, the most liquid asset in the space. Dominance metrics have continued to rise after declining throughout the second half of 2025, the analysts noted. Bitcoin was trading around $77,000 at the time of publication.
Macro conditions have contributed to the choppy performance across crypto markets in recent months. Sticky inflation and shifting expectations around central bank rate cuts have weighed on risk appetite. Periodic volatility in global equities, ongoing regulatory scrutiny, and geopolitical tensions have also limited sustained upside.
The analysts said momentum and profitability readings are consistent with a corrective phase. They described this period as one that may be building a more stable market structure over time.
A divergence between price and network activity is emerging across Ethereum and Solana. Both networks have recorded sustained usage at the protocol level even as their prices have lagged. The analysts said this points to continued demand within those ecosystems independent of valuation.
Fidelity said the structural improvements visible in on-chain data may not yet be fully reflected in prices. The firm stopped short of a directional price call. The report frames the current period as a recovery phase supported by underlying metrics rather than headline valuations.
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