After a turbulent start to the year, there are tentative signs that the worst may be behind crypto markets, according to a joint report issued by Coinbase Institutional and Glassnode.

However, with the IMF cutting its global growth forecast to 3.1% and Oxford Economics warning of a potential recession scenario as severe as 1.4% GDP growth, the firms stopped short of an outright bullish call.

“Our outlook on crypto markets is neutral for 2Q26. The persistent and elevated levels of uncertainty surrounding the current geopolitical landscape make it extremely challenging to take short-term positions with conviction,” David Duong, Global Head of Research at Coinbase, noted.

Macro liquidity conditions and…