Bitcoin’s usual buyers turned sellers in H1 2026 as macro pressures mount, Binance Research
Binance Research’s new report titled “Half-year 2026: Macro & Bitcoin” has shed more light on how the cryptocurrency performed in the first half of the year. The report showed that Bitcoin declined by 32% year-to-date, and it is currently down by over 50% from its all-time high of $126,080, which it hit in October 2025.
The decline was the world’s largest cryptocurrency by market capitalization’s third straight quarterly loss. Per the report, the loss coincided with a repricing across global markets that is being referred to as “re-anchoring.”
This re-anchoring refers to all the following actions:
- A shift away from central-bank support
- Consumer spending
- Rich valuations toward a tighter Federal Reserve
- AI-driven capital expenditure cycle
- Earnings-led returns
The report pointed out that Bitcoin absorbed the sharpest hit of any major asset class in that transition, even as its underlying market structure held up better than in prior cycles.
Why is the Fed now Bitcoin’s biggest headwind?
Per Binance Research, the shift in how markets price Federal Reserve policy was one of the biggest drivers of Bitcoin’s slide.
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