Coinbase: Q2 remains neutral on the crypto market, with BTC demonstrating macro resilience amid cross-asset sell-offs

CoinWire news: Coinbase Institutional released its Q2 market outlook, announcing that it is maintaining a “neutral” rating on the current crypto market. The report notes that as the macro environment has deteriorated sharply, the win rate of directional trading strategies has fallen significantly. Affected by the geopolitical conflict in Iran, the prior expectations for fiscal and monetary easing have been disrupted, and global recession fears are prompting capital to accelerate its shift toward cash as a safe-haven. A recent Bank of America (BofA) survey shows that the share of cash holdings in institutional funds surged by nearly 1 percentage point month over month to 4.3%, the fastest growth rate since 2020. Against this backdrop, U.S. crypto legislative progress and internal industry issues such as resistance to quantum computing are temporarily taking a back seat to macro safe-haven demand. Worth noting is that Bitcoin has shown relatively strong resilience amid recent liquidity shocks: compared with the extreme selloff of the S&P 500 index (S&P 500) by as much as 3 to 4 standard deviations, BTC recorded only about a 1 standard deviation pullback. Coinbase says the key uncertainty in the market’s current contest is whether BTC’s recent move lower is just a short-term oversold washout or a fundamental reversal of the underlying liquidity structure.