A joint report by Coinbase Institutional and Glassnode analysts included important assessments regarding Bitcoin.
Coinbase and Glassnode stated in their report that Bitcoin has entered a more stable and resilient phase, and that BTC has transformed into a more stable asset.
According to the consensus assessment, Bitcoin (BTC) and its market structure are shifting away from sudden price fluctuations towards a structure that is more responsive to liquidity and the macroeconomic environment.
Coinbase and Glassnode, in their quarterly “Charting Crypto: 1Q 2026” report, stated that a significant portion of the excessive leverage in the Bitcoin market disappeared during the sharp correction in the fourth quarter of last year. As a result, the risk of on-chain liquidation decreased, and Bitcoin and the market’s resilience to macroeconomic/external shocks increased.
At this point in the report, following the sharp corrections and liquidations experienced, it was stated that the current Bitcoin trend is closer to a phase of stability and sustainability rather than speculative and sudden rises.
According to the report, unlike past cycles led by high-risk, retail investors, global liquidity conditions, institutional investor positions, and portfolio adjustments will have a greater impact on price formation.
“The Bitcoin and cryptocurrency market is entering 2026 in a healthier state. Excessive leverage within the system was eliminated in the fourth quarter, the macroeconomic environment is generally stable, and monetary policy is moving in a supportive direction.”
The report also noted that investor sentiment has shifted from optimism to caution since October of last year, and unrealized profit and loss indicators point to a correction phase.
Accordingly, it was assessed that Bitcoin is likely to remain in a stable phase for some time, characterized by slower price discovery and a tighter dependence on macroeconomic events.
*This is not investment advice.
