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Key findings: Non-USD stablecoins grew their market cap by 10 times the pace of local M2 expansion in 2026, with the median non-USD stablecoin growing 27.8%. Non-USD stablecoins are growing faster than USD stablecoins for the first time since summer 2023, pushing their share of total stablecoin supply to a two-year high. 16 of 25 currencies tracked outgrew their local M2, while 9 saw stablecoin supply shrink even as money supply expanded.

Signal of the week: Average daily long liquidations fell to $7.5 million, the lowest level since July 2024. The sharp decline suggests that excessive leverage has been largely flushed from the market, reducing forced selling and potentially giving bulls more room to build a recovery. Bitcoin finally broke out its recent range and reclaimed the 200-week SMA, but the underlying picture remains mixed. ETF inflows had their strongest week since April, while long liquidations fell to multi-year lows.

Signal of the week: Bitcoin accounted for 42.9% of total crypto trading volume in July, its highest share since Q1 2023. Historically, Bitcoin’s trading dominance tends to rise during the later stages of bear markets as investors rotate from altcoins into the relative safety of BTC. Bitcoin continued trading in a relatively tight range last week, while the crypto market is quietly rotating toward it.

Signal of the week: Bitcoin’s 7-day net realized profit/loss turned positive for the first time in two months, while realized losses fell to their lowest level since late May. The improvement was driven primarily by short-term holders, suggesting fewer recent buyers are capitulating despite Bitcoin remaining below the short-term holder cost basis. Bitcoin’s price remained range-bound, but market conditions continued to improve beneath the surface.

54% of respondents say feeling financially behind is a major reason they take on higher investment risk, and another 27% call it one factor among others. Only 16% say they are actively working toward long-term financial freedom, while most are focused on covering everyday expenses or simply surviving. Crypto is viewed primarily as a wealth-building tool, with 39% citing faster wealth creation as their main reason for investing and only 6% pointing to FOMO.

Building on Solana used to mean one thing: a public RPC endpoint and a lot of parsing. You pulled raw account data, decoded it yourself, and priced tokens with a separate feed. That era is over. In 2026, “Solana API” covers several distinct layers. Some providers return enriched wallet and portfolio data as clean JSON. Others specialize in DEX liquidity, explorer lookups, or millisecond-level streaming. The newer wave ships MCP servers, so AI agents can query Solana data without custom glue.

Signal of the week: Bitcoin’s 30-day correlation with gold has reached a 20-month high. Historically, periods of strong BTC-gold correlation have often coincided with lower volatility and range-bound price action before making a larger directional move. Bitcoin continued its gradual recovery amid reports of a potential 10-day Middle East ceasefire and reestablished spot ETF inflows. The move was also supported by on-chain indicators, with long-term holders showing increased accumulation.

Signal of the week: Wallets holding less than 1 BTC recorded their strongest accumulation since late 2023. Over the past month alone, they added nearly 11,000 BTC — matching the amount accumulated by whale wallets holding 1,000 to 10,000 BTC over the same period. Historically, retail buying tends to accelerate during the later stages of bear markets. The index eased slightly this week, as Bitcoin’s price recovered to $64,000 amid soft U.S. jobs data and Bitcoin accumulation.

Signal of the week: The amount of Bitcoin sitting at a loss just exceeded the amount in profit for the first time since November 2022. In previous cycles, Bitcoin hit its cycle bottom within three months of this crossover. In some cases, it happened right at the moment it occurred. Bitcoin briefly touched $58,000, but then experienced a price recovery, supported by LTH accumulation and fading selling pressure.

Total stablecoin supply decreased for the first time since Q3 2023, slipping to $312 billion, as yield-bearing and crypto-backed tokens reversed years of gains. Ethereum Layer-2 stablecoin supply posted its biggest quarterly decline since Q4 2022, as Arbitrum lost ground to HyperEVM.