According to CoinMeta, the Chain Research Institute of Binance released a report on the上半 of 2026 that indicates that the crypto market experienced widespread contraction rather than sector rotation during this period. The total value of DeFi TVL across the network decreased by $43.4 billion (a 38% decline), and the combined market value of the six major L1 sectors shrank by $246.5 billion (a 42% decline). Key highlights of the report include: Ethereum's marginal holders shifting from ETF to the company's balance sheet, spot ETF holdings dropping to 5.2 million ETH, while digital asset treasury companies' holdings increased to 7.7 million L2. User activity saw a significant decline, with user operations decreasing by about 77% from January to June. Network revenue fell by 64.5%. BNB Chain became the leading sector for tokenized stocks and was the only mainstream L1 with deflation (an annual destruction rate of 5.05%). There were 207 security incidents in the first half of the year, resulting in losses of $972 million. Driven by the World Cup and non-sports events, it is predicted that the monthly nominal transaction volume will soar by 86% to $51.6 billion. Kalshi and Polymarket accounted for 92% of the total transaction volume in June.