Research Study
Q3 2026 Signals Report
A quarterly breakdown of key market metrics that could be affecting price and investor sentiment
July 28, 2026 • 30 min read
Executive Summary
As Q3 2026 begins, digital asset markets are at a key juncture. BTC, ETH, and SOL remain below recent highs amid persistent spot ETP outflows and macroeconomic uncertainty—but several indicators are sending signals that may not be fully reflected in price.
Our Q3 2026 Signals Report examines profitability, momentum, valuation, and network activity across the digital asset ecosystem. While various metrics reflect a market working through a corrective phase, others are approaching levels historically associated with accumulation, capitulation, and the early stages of recovery.
Key insights from the Fidelity Digital Assets® Research team include:
- BTC continues to be the market's primary source of resilience, with unrealized profits concentrated in BTC as ETH and SOL remain in loss territory.
- Multiple sentiment, positioning, and valuation indicators are nearing capitulation levels, while valuation frameworks such as the Yardstick point to potentially attractive long-term entry conditions.
- Competition for capital and infrastructure is intensifying, as AI and high-performance computing reshape mining economics and influence network-level dynamics.
While price action remains challenged, network activity, adoption trends, and investor positioning tell a more complex story. The gap between market performance and underlying fundamentals may be widening.
Download the full report to see what today's signals could imply for the second half of 2026.
Learn more about how to understand and apply Fidelity Digital Assets’ quarterly market signals.
The information herein was prepared by Fidelity Digital Assets, National Association (“FDA, NA”) and Fidelity Digital Assets, Ltd (“FDA, LTD”). It is for informational purposes only and is not intended to constitute a recommendation, investment advice of any kind, or an offer to buy or sell any asset. Perform your own research and consult a qualified advisor to see if digital assets are an appropriate investment option.
Digital assets are speculative and highly volatile, can become illiquid at any time, and are for investors with a high risk tolerance. Investors in digital assets could lose the entire value of their investment. Digital assets are not insured or guaranteed by the Federal Deposit Insurance Corporation, or any other government agency, and are not obligations of any bank.
Custody and trading of digital assets are provided by FDA, NA, which is a national trust bank. FDA, LTD relies on FDA, NA for these services. FDA, LTD is registered with the Financial Conduct Authority under the U.K.’s Money Laundering Regulations. The Financial Ombudsman Service and the Financial Services Compensation Scheme do not apply to the cryptoasset activities carried on by FDA, LTD.
To the extent this communication constitutes a financial promotion in the U.K., it is issued only to, or directed only at, persons who are: (i) investment professionals within the meaning of Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (ii) high net worth companies and certain other entities falling within Article 49 of the FPO; and (iii) any other persons to whom it may lawfully be communicated.
This information is not intended for distribution to, or use by, anyone in any jurisdiction where such distribution would be contrary to local law or regulation. Persons accessing this information are required to inform themselves about and observe such restrictions.
FDA, NA and FDA, LTD do not provide tax, legal, investment, or accounting advice. This material is not intended to provide, and should not be relied on, for tax, legal, or accounting advice. Tax laws and regulations are complex and subject to change. You should consult your own tax, legal, and accounting advisors before engaging in any transaction.
Views expressed are as of the date indicated, based on the information available at that time, and may change based on market or other conditions. Unless otherwise noted, the opinions provided are those of the speaker or author and not necessarily those of Fidelity Digital Assets or its affiliates. Fidelity Digital Assets does not assume any duty to update any of the information.
Fidelity Digital Assets and the Fidelity Digital Assets logo are registered service marks of FMR LLC.
© 2026 FMR LLC. All rights reserved.