Fidelity's latest crypto livestream identified key catalysts for the second quarter of 2026, focusing on macroeconomic, regulatory, and on-chain developments. Jurrien Timmer, Fidelity's director of global macro, described the recent bitcoin selloff as a "mild winter," with prices falling from a peak of $126,000 to around $60,000. He suggested that such declines may become less severe as bitcoin matures, with the current phase seen as base-building rather than a breakout. Max Wadington of Fidelity Digital Assets emphasized the growing importance of tokenization, DeFi, and stablecoins, noting the launch of Fidelity's own stablecoin, FIDD. He also highlighted the potential for AI to enhance crypto developer productivity, which could impact the value of platforms like Ethereum and Solana. At the time of reporting, the total crypto market cap was $2.41 trillion.