Binance Research: Crypto Market Saw Broad Onchain Contraction Rather Than Sector Rotation in Half-Year 2026 Binance Research report found that the crypto market experienced broad onchain contraction rather than sector rotation in the first half of 2026.
Total DeFi TVL declined by $43.4 billion (38%), while the combined market capitalization of six major L1s fell by $246.5 billion (42%)
Key findings include: Ethereum spot ETF holdings dropped to 5.2 million ETH, while DAT holdings increased to 7.7 million ETH. L2 user activity declined sharply, with user operations falling about 77% from January to June; Solana network revenue decreased 64.5%; BNB Chain was the only major deflationary L1, with an annualized burn rate of 5.05%; the industry recorded 207 security incidents in H1, resulting in $972 million in losses; driven by the World Cup and non-sports events, prediction market monthly nominal trading volume surged 86% to $51.6 billion, with Kalshi and Polymarket accounting for 92% of June’s total trading volume. — link