TechFlow News, January 28: Coinbase Institutional and Glassnode’s jointly released report, “Charting Crypto Q1 2026,” notes that the digital asset market entered 2026 with a clearer structure, lower leverage, and more disciplined risk management. Although market sentiment remains cautious, market behavior demonstrates stronger structural resilience compared to previous cyclical transitions.
The report states that Bitcoin continues to maintain its dominant market position, accounting for nearly 59% of the market. Since the deleveraging event in October 2025, Bitcoin options open interest has surpassed that of perpetual futures; investor positions are increasingly concentrated in protective structures, reflecting a preference among market participants to define their risk exposure rather than fully exit risk.
Regarding Ethereum, analysis suggests it may be approaching the later stage of its current price-performance cycle. However, structural changes within the Ethereum ecosystem—including fee compression on L2 networks and evolving network economics—are diminishing the predictive power of traditional cycle frameworks.
Institutional investor sentiment surveys indicate that, amid persistent geopolitical uncertainty, investors remain selectively bullish and favor exposure to large-cap crypto assets.
