In their joint "Q4 Guide to Crypto Markets," Coinbase (NASDAQ:COIN) Institutional and Glassnode report a growing and maturing crypto market despite Bitcoin's (CRYPTO: BTC) range-bound price action over the last six months.

What Happened: Their analysis shows that despite the lack of strong price movements, the crypto market has shown signs of sophistication through successful spot ETFs, increased on-chain activity and higher trading volumes.

U.S. spot Bitcoin ETFs saw over $5 billion in net inflows during Q3, with total assets under management reaching nearly $60 billion by the end of the quarter, just nine months after their launch.

Ethereum (CRYPTO: ETH) has made strides by regaining substantial market share in fees among Layer-1 blockchains, rising from 9% in August to 40% in September. The report highlights that "Ethereum staking yields are more than twice the real yield on 10-year U.S. Treasuries, making Ethereum staking an attractive investment option."

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The stablecoin market reached new milestones in Q3 as the total market cap hit a new all-time high of nearly $170 billion. This growth coincides with new regulations coming into force in the EU under the Markets in Crypto-Assets Regulation (MiCA), signaling increased mainstream adoption and regulatory clarity.

Bitcoin's market cycle is following patterns similar to previous cycles, with the report noting that "Historical data shows significant price appreciation within 12 months following previous halvings, ranging from 200% to over 1,000%."

Coinbase and Glassnode also delve into market sentiment, noting the shift from greed to fear in the Fear and Greed index as Bitcoin traded sideways. This may potentially set the stage for a future rally.

The findings echo a similar report from a16z crypto, which cites all-time highs in activity and usage and infrastructure improvements as fundamental growth drivers in the industry.

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