Introduction

Q2 2026 ended with a much weaker market backdrop than the headline price action suggests. Market breadth deteriorated sharply in June, fees declined across every major on-chain sector by 44.6% on average. While the sentiment fell back into extreme fear, Bitcoin remained structurally resilient near the 200-week moving average, and its dominance stayed above 55.2%, showing that capital continued to concentrate in the largest and most defensive asset.

This was a selective and defensive market environment, where Bitcoin held up relatively well while altcoin participation,…