Coinbase Institutional has maintained a neutral outlook on the cryptocurrency market for the second quarter of 2026, citing rapidly changing macroeconomic conditions. The firm highlighted that escalating tensions in Iran have disrupted expectations for fiscal and monetary stimulus, prompting a shift of funds back into cash assets. Despite significant volatility in global markets, Bitcoin's decline has been relatively limited compared to the S&P 500, which has experienced a more pronounced drop. This suggests that Bitcoin has shown greater resilience during the current market turbulence.