Crypto markets remain in a repair phase, with strength concentrated in Bitcoin and broader participation still limited, even as underlying network activity continues to rise, according to Fidelity Digital Assets' Q2 2026 Signals Report.
Bitcoin Anchors Narrow Crypto Recovery as Onchain Activity Rises: Report
28 April 2026 - 10:50 CEST
By Sandmark staff
Ethereum transaction volumes rose 34% quarter on quarter, while stablecoin transfer value exceeded $18tn over the past year, Fidelity Digital Assets, a provider of institutional crypto research and investment solutions, said.
Bitcoin (BTC) outperformed major peers year to date but remains down roughly 25%. Ethereum (ETH), the leading smart contract platform that underpins most decentralized finance activity, is down about 31%. Solana (SOL), a high-speed layer-1 blockchain popular for retail trading and meme coins, has fallen 38%.
Unrealized gains stay largely confined to Bitcoin, indicating the market has yet to enter a broad recovery. The divergence between rising onchain activity and lagging prices echoes recent spot Bitcoin ETF flows, where institutional capital has returned without driving a sustained rally higher.
The environment reflects stabilization beneath fragile price levels, which may point to growing usage despite subdued price action.
