CoinEx News: Crypto closed the first half of 2026 with a hard reset. According to institutional crypto trading firm Talos, Q2 cleared $8.35B of BTC and ETH long leverage, but spot Bitcoin ETFs lost $4.08B, stablecoin supply fell about $4.2B, and Bitcoin order-book depth dropped to roughly $35M-$40M. Citi also cut BTC and ETH targets after assuming no net ETF inflows over the next 12 months.

The second half now splits into two clear tracks. The first track is the BTC and ETH liquidity trade: whether ETF demand, Fed signals, and market liquidity can support prices again. The second track is structural growth: stablecoins, tokenized assets, and onchain trading rails. For users, H2 is less about chasing every narrative and more about watching where real capital returns first.