Binance Research: On-Chain Market Generally Contracts in First Half of 2026, DeFi and Mainstream Public Chain Metrics Significantly Decline
Source：
www.binance.com
Binance Research indicates that the on-chain market contracted overall in the first half of 2026 rather than undergoing capital rotation. Total DeFi Value Locked across all chains decreased by $43.4 billion, a decline of 38%; the total market cap of the six major Layer 1 public chains covered by the report decreased by $246.5 billion, a decline of 42%. Ethereum spot ETF holdings fell from over 6 million ETH to 5.2 million, while digital asset reserve company holdings rose from 6 million to 7.7 million, reflecting a change in the marginal holding structure.
