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BNB 
ETH 
SOL Binance Research: The crypto market shrank across the board in the first half of 2026, and on-chain activity declined significantly.
A report released by the Binance Research Institute shows that the cryptocurrency market experienced extensive contraction in the first half of 2026, and on-chain activities generally weakened, rather than the rotation of funds between different sectors.
Thereport pointed out that in the first six months of this year, the total value of locked positions in the decentralized financial ecosystem fell by US$43.4 billion, a drop of 38%. The total market value of the six major first-level blockchains also shrank by US$246.5 billion, a drop of 42%.
In terms of Ethereum, there have been significant changes in institutional asset allocation. The number of ETH held by the spot Ethereum ETF dropped to 5.2 million, while the number of Ethereum held by the Digital Asset Treasury increased to 7.7 million.
User activity on the second-layer network has also been significantly reduced. Between January and June, user activity fell by approximately 77%, while Solana's network revenue fell by 64.5% over the same period.
BNB Chain is the only network among the major tier 1 networks that maintains a deflationary structure. The report shows that BNB Chain's annualized token destruction rate is 5.05%.
Security issues have also added pressure to the industry. A total of 207 security incidents were recorded in the cryptocurrency field in the first half of the year, and the total damage caused by these attacks and vulnerabilities reached US$972 million.
In contrast, the forecast market is one of the few areas with strong performance. Driven by the World Cup and non-sporting events, monthly nominal transaction volume is forecast to increase by 86% to US$51.6 billion.
The Binance Institute said that these data indicate that the market is in a contracting phase, with liquidity and user activity declining across the board, rather than a classic rotation period when investors withdraw from specific sectors and move to other areas.
