Coinbase, in collaboration with Glassnode, has released the "Charting Crypto Q2 2026" report, indicating that the cryptocurrency market remains heavily influenced by macroeconomic factors and geopolitical tensions in the Middle East. The report highlights a high level of short-term uncertainty in the market. Bitcoin's Net Unrealized Profit/Loss (NUPL) has improved from the "fear" stage in Q1 to an "optimistic" stage, with approximately 75% of institutional investors and 71% of retail investors considering Bitcoin undervalued. For Ethereum, the report notes a 38% decrease in short-term supply (held for less than three months) and a 1% increase in long-term supply (held for over a year) during the first quarter. Overall, changes in the macro environment may support the formation of a bottom for crypto assets in the near term, with potential recovery later in the quarter.