Bitcoin and Ethereum On-Chain Data Validates Healthy Crypto Market: Report

The crypto market is displaying healthy fundamentals as Bitcoin, Ethereum and many layer-1 protocols have recorded incremental growth in the past few years. According to CryptoQuant Analyst J.A. Maartunn, the price drop of the market is currently not reflecting many of these bullish outlooks.

Proof crypto market is healthy

According to data shared by the analyst, although crypto entered 2026 with negative sentiment, stablecoins have a circulation supply of $300 billion. This marks 6x growth from 2020, with its weekly volume doubling to approximately $60 billion from $30 billion in the previous cycle.

For Bitcoin, although its performance is subpar when compared to the S&P 500 and gold, it boasts of institutional adoption through ETFs.

Maartunn went on to point out other crypto market metrics with a significant impact on the adoption outlook. While Ethereum still dominates the stablecoin market, protocols like $BNB Chain lead growth, jumping 133% YoY.

The changes in DEX volume over the past year are also in the spotlight, with $BNB Chain recording up to 100% growth in 2025. At its peak in July last year, Binance Smart Chain accounted for approximately 30% of the total DEX market share.

As concerns daily active users, market data puts Solana at the forefront. The network boasts of 4.1 million daily active users, as compared to the benchmark of approximately one million users as of 2020.

Related positive shifts are visible on the XRP Ledger, the prediction markets and even Real World Assets (RWA) protocols. With these, Maartunn is convinced that although the price may dip further, the fundamentals are promising.

State of market: Bitcoin price outlook

The Bitcoin price recently lost a crucial support zone around the $64,000 range. This sell-off has triggered a massive slip-off by altcoins on the market.

As of this writing, the top coin was changing hands at $62,911.98, down by 4.98% in the past 24 hours. With renewed macroeconomic concerns around tariffs on the global market, more drawdown concerns are imminent.

However, the projections for a rebound are high. While acknowledging a Bitcoin bear market, Michael Saylor remains optimistic that the asset is poised for an explosive rebound, a sentiment shared by BTC bull Fred Krueger.