Coinbase Institutional has noted Bitcoin's relative resilience despite several bearish factors, suggesting a potential market bottoming. Recent non-farm payroll data fell short of expectations, while escalating Middle East tensions have refocused attention on inflation. This has led to market anticipation of prolonged higher interest rates, tightening conditions for long-cycle risk assets, and increased likelihood of a year-end rate hike. Despite these pressures, Bitcoin's decline was limited to about 2%, which Coinbase interprets as a possible sign of stabilization. Additionally, the stablecoin market has seen significant growth, with total market capitalization doubling since January 2024. Entity-adjusted transaction volumes have increased four to five times, indicating that stablecoins are being used more actively for payments rather than merely serving as reserves.