q3

Galaxy Research Director Alex Thorn posted on the X platform that the second quarter's dormant Bitcoin awakening volume hit a new low since the third quarter of 2022, significantly decreasing from the high levels of 2024 and 2025.

Coinbase Institutional and Glassnode released the report "Charting Crypto Q3 2026," maintaining a neutral outlook on the crypto market.The report shows that on-chain data indicates Bitcoin may be transitioning from a correction phase to an accumulation phase, but the Fed's hawkish stance, weak spot ETF demand, and geopolitical risks continue to pressure the market outlook.

According to the Bitwise "Q3 2026 Staking Report," Q2 2026 presents a divergent pattern of "increased on-chain activity and decreased fee revenue," with the core driving factor being various protocols actively reducing block space costs.In terms of core data across chains, Ethereum's active staking volume reached a historic high of 40.2 million ETH (accounting for 33% of the total supply), while network revenue decreased by 51% year-on-year to $64 million, although it rebounded in ETH terms quarter-on-quarter; Solana's Q2 Real Economic Value (REV) dropped to $51 million, significantly down from the peak of $812 million in Q1 2025, but non-voting transaction volume reached 9.8 billion, maintaining resilience in on-chain activity; Hyperliquid's Q2 total protocol revenue was $174.8 million, with perpetual contract trading volume reaching $65.2 billion, and the proportion of non-crypto assets (commodities, stock indices, etc.) rose to 32%; Avalanche C chain's transaction volume grew approximately fourfold year-on-year to 236 million transactions, but network revenue plummeted due to a significant drop in fees, leaving only $330,000; NEAR saw a dramatic 75% drop in on-chain transaction volume to 77.7 million transactions due to the collapse of Kai-Ching application activity, but the Intents execution layer generated fees approximately 68 times that of the base chain.In terms of institutional adoption, BlackRock launched an Ethereum staking ETF (ETHB), Coinbase and Circle each staked 500,000 HYPE, and Bitwise, 21Shares, and Grayscale successively launched HYPE spot ETFs. Additionally, the stablecoin payment chain Tempo, incubated by Stripe and Paradigm, processed $386 million in transfers in its first quarter, while the global payroll platform Deel distributed approximately $30 million to 7,200 contractors through this chain.

According to official social media news, Andy Liu, head and chief analyst of HTX Research, will be a guest at the fifth session of the Huobi Celebrity Lecture today at 19:00 (UTC+8). This session is themed "Q3 2026 Outlook: Liquidity Defines the Crypto Market." Andy will delve into "The New Order of the Crypto Market Under Global Liquidity Repricing," analyzing changes in global macro liquidity, core trading logic in the Q3 crypto market, institutional capital allocation directions, and key track opportunities, helping investors grasp the key variables in the new market cycle.

CryptoQuant data shows that in Q1 2026, the total loan size of the CeFi credit market decreased by 6% quarter-on-quarter to $23.3 billion, marking the first contraction across the industry since Q3 2024. The reduction in loan size is attributed to crypto users reducing leverage during the bear market.Tether remains the largest lender, with a loan size of $15.8 billion and a market share of 68%, followed by Maple Finance ($2.1 billion, 9%) and Nexo ($1.8 billion, 8%). Market share is shifting towards Maple, Nexo, and Coinbase, with the three experiencing increases of 1.0, 0.5, and 0.7 percentage points respectively during the quarter. Coinbase and Maple saw loan sizes grow by approximately 6% quarter-on-quarter, while Nexo recorded nearly 1% growth, making them the only three major lenders to experience growth. The remaining institutions saw a contraction in loan sizes, with Galaxy Digital (-21%) and Ledn (-19%) leading the declines, while Tether's loan size decreased by 7%.

According to a report by Sina Finance, Micron Technology (MU) released its financial report for the third quarter of fiscal year 2026. Driven by strong demand for high bandwidth memory (HBM) and advanced storage solutions in the AI and data center markets, Micron's total revenue for the quarter reached $41.46 billion, a significant increase from $9.3 billion in the same period last year, setting a historical high for the same period. Among them, the DRAM business performed exceptionally well, accounting for approximately 77% of total revenue, becoming the core performance contribution segment.Financial data shows that Micron's GAAP net profit for the third quarter was $28.24 billion (diluted earnings per share of $24.67), and non-GAAP net profit was $28.86 billion (diluted earnings per share of $25.11), with operating cash flow for the period reaching $25.39 billion. In addition, Micron has currently signed multiple strategic customer agreements to support long-term growth, and the market will focus on its progress in addressing potential supply constraints and capacity expansion. It is expected that its new wafer fabrication plants will provide substantial performance increments for the company starting from fiscal year 2028.

Most institutional investors believe that Bitcoin still has room for further decline, and the overall market sentiment is cautious. Macroeconomic uncertainty, tightening liquidity, ETF fund outflows, and the shift of funds towards areas like AI may still exert pressure on BTC prices. David Grider, a partner at Finality Capital, stated that the firm expects the market bottom in this cycle may not appear until the end of the third quarter or the beginning of the fourth quarter of 2026, and believes that Bitcoin may complete its bottoming process in the range of $45,000 to $55,000. Even among some investors who believe the market is close to the bottom, there is a general expectation of no strong rebound in the short term.Research shows that most funds are currently increasing cash positions, reducing directional risk exposure, and adopting more market-neutral, hedging, and derivative strategies to cope with volatility. Meanwhile, institutional funds continue to focus on fundamentally strong areas such as DeFi, AI, and tokenized assets, rather than purely allocating to Bitcoin. Institutions generally believe that the high interest rate environment, liquidity contraction, geopolitical risks, and the flow of funds towards growth sectors like AI are the main downside risks facing the current market. In addition, some funds have also identified the leverage financing model of Strategy and the development of quantum computing as emerging risk factors in this cycle.Regarding the year-end trend, the funds surveyed did not provide a Bitcoin target price above $100,000. Some institutions expect BTC to fluctuate in the range of $40,000 to $80,000 within the year and believe that improvements in interest rate cut expectations, a recovery in liquidity, and progress on the U.S. CLARITY Act may become important catalysts for market recovery.

The white-haired stock god stated that NVIDIA and Google are advancing the early application of 800V direct current (DC) power architecture, with related small batch shipments expected to start in the third quarter of 2026. It is reported that this technology will first be applied to NVIDIA's Vera Rubin platform and Google's next-generation AI data centers.Due to the acceleration of this process, the power semiconductor and data center infrastructure sectors are expected to receive significant boosts. Currently, the supply chain companies regarded as core beneficiaries include Delta Electronics (2308), Vertiv (VRT), Songchuan Precision (7788), as well as Schneider Electric, Eaton, and Siemens.

According to Cointelegraph, the Deputy Minister of Finance of Vietnam stated that the country may officially launch the cryptocurrency market in the third quarter of 2026.

Story Protocol has postponed the unlocking of early investor and team tokens originally scheduled for February 2026 by 6 months to August of this year, in order to reduce short-term selling pressure and market volatility.This plan has been agreed upon by major investment firms such as a16z and Polychain Capital. The board stated that this move aims to avoid anticipated sell-offs before the unlocking and will use the next 6 months to promote revenue growth, validate PMF, and collaborate with a large AI company. After the adjustment, investors will unlock 25% of their tokens 18 months after the TGE, with the remaining portion released monthly in a linear fashion before the 42nd month.

According to the RootData calendar page, next week includes several important news items such as project updates, macroeconomic finance, token unlocks, incentive activities, and presale events. Details are as follows:December 22:MBG unlocks 21.667 million tokens, valued at $11.0472 million, accounting for 16.615% of the circulating supply.December 23:ZORA unlocks 166.667 million tokens, valued at $6.8379 million, accounting for 3.715% of the circulating supply;AVAIL unlocks 209.132 million tokens, valued at $1.3988 million, accounting for 5.787% of the circulating supply;U.S. Q3 real GDP annualized quarter-on-quarter preliminary rate.December 24:NIL unlocks 6.1392 million tokens, valued at $0.3443 million, accounting for 2.174% of the circulating supply.December 25:Bank of Japan Governor Kazuo Ueda delivers a speech at the Japan Business Federation.December 26:AMI unlocks 26.3889 million tokens, valued at $0.2644 million, accounting for 22.615% of the circulating supply;W unlocks 40.3185 million tokens, valued at $1.3116 million, accounting for 0.789% of the circulating supply;ALT unlocks 246.5898 million tokens, valued at $2.6919 million, accounting for 4.971% of the circulating supply;Japan's November unemployment rate.December 27:WAL unlocks 17.5 million tokens, valued at $2.1883 million, accounting for 1.134% of the circulating supply;December 28:The deadline for claiming the AltLayer Phase 2 EIGEN airdrop is December 28 at 08:00 UTC;XPL unlocks 88.8889 million tokens, valued at $11.7222 million, accounting for 4.938% of the circulating supply;SIGN unlocks 96.6667 million tokens, valued at $3.0849 million, accounting for 6.519% of the circulating supply.In addition, there is a button at the top of the RootData calendar page for generating image shares, allowing users to select important events for sharing.Risk Warning: This calendar does not constitute any investment advice.

The Hong Kong Securities and Futures Commission (SFC) released its third-quarter report for July to September 2025, which disclosed that the total market value of Q3 virtual asset spot ETFs reached $920 million, an increase of 217% since their launch. The assets under management of five tokenized money market funds reached HKD 5.387 billion (approximately $692 million), a growth of 391% compared to the previous quarter.In addition, the Hong Kong SFC stated that it has confirmed that the stamp duty exemption for transferring ETFs applies to tokenized ETFs, aiming to promote secondary market trading of tokenized ETFs and further expand market access for tokenized fixed income and currency products. Currently, licenses have been issued to 11 virtual asset trading platforms, and applications from 8 virtual asset trading platform applicants are under review.

According to CoinDesk, as of the end of the third quarter, GameStop (stock code GME) held Bitcoin worth $519.4 million, although the company recorded a digital asset holding loss of $9.2 million during this period. Additionally, verified official documents show that GameStop still held 4,710 Bitcoins at the end of the third quarter, unchanged from the data released in the second quarter financial report.Due to sales performance not meeting investor expectations, the company's stock price fell 5.8% on Wednesday. Since GameStop announced its Bitcoin plan in March, its stock price has dropped over 22%, as investors weigh the risks of holding cryptocurrency against the impact of the company's weak core business performance.

The Nasdaq-listed Solana treasury company DeFi Development (DFDV) released its performance update for November, disclosing that it has not increased its holdings of SOL recently. At the end of the month, the SOL holding amount remained at 2,195,926 coins, with a market value of approximately $293.2 million. The supply of SOL invested in the liquid staking token dfdvSOL is 530,286.72 coins. In addition, DeFi Development also disclosed that its unrealized gains for the third quarter exceeded $74 million, with a SOL holding yield of 11.4%. Its Chief Operating Officer Parker White and Chief Strategy Officer Dan Kang have begun repurchasing DFDV shares from the open market.

According to PR Newswire, the board of directors of Nasdaq-listed digital wealth management platform Amber International has approved a stock repurchase plan of up to $50 million over 12 months, while announcing its unaudited performance for the third quarter of 2025: revenue of $16.3 million, a year-over-year increase of 1,934.6%; gross profit of $11.8 million, with a gross margin of 72.3%; net profit from continuing operations of $2.15 million; Adjusted EBITDA of $2.9 million; and platform client assets reaching $1.842 billion, a year-over-year increase of 69.8%.