According to a ChainCatcher report, Coinbase's institutional research division, in collaboration with on-chain analytics firm Glassnode, highlighted in their latest report "Charting Crypto: Q1 2026" that Bitcoin is demonstrating more stable and resilient market characteristics. The report noted that the correction in Q4 2025 largely eliminated excessive leverage in the market, reducing Bitcoin's sensitivity to cascading liquidations and enhancing its ability to withstand macroeconomic shocks. The report stated that the current market phase is not a return to a high-leverage speculative cycle, but rather a gradual emergence of Bitcoin as a "macro-sensitive asset," with its price increasingly influenced by global liquidity, institutional positioning, and portfolio rebalancing behaviors. Unlike previous cycles driven by retail momentum and high leverage, the current market structure is more restrained, with institutional investors favoring defensive allocations. Researchers pointed out that the crypto market is entering 2026 in a healthier state, with a relatively stable macroeconomic environment and supportive monetary policy expectations. The report also mentioned that Coinbase's internally developed global M2 money supply index has historically led Bitcoin prices by about 110 days. The indicator remains positively correlated in the current quarter, suggesting short-term support for Bitcoin, although future liquidity growth may slow. Additionally, the report showed that Bitcoin options open interest has surpassed that of perpetual contracts, indicating that investors are more inclined to purchase downside protection rather than continue adding leverage for directional bets, reflecting a more cautious risk appetite in the market.
Glassnode Report: Bitcoin Entering a More Stable Phase with Reduced Leverage Risk
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Summary
In the latest weekly market report, Glassnode and Coinbase's institutional research team noted that Bitcoin is entering a more stable phase. The Q4 2025 correction reduced leverage, making Bitcoin less prone to liquidation shocks. The market is now more influenced by macroeconomic trends, institutional flows, and portfolio rebalancing. The daily market report shows that options open interest has overtaken perpetuals, signaling a shift toward downside protection. The report suggests the market is healthier heading into 2026, with a more cautious and macro-sensitive environment.
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