{"id":60683,"date":"2026-01-28T10:05:56","date_gmt":"2026-01-28T03:05:56","guid":{"rendered":"https:\/\/hbbgroup.net\/bitcoin-seen-entering-a-more-stable-phase-coinbase-and-glassnode-say\/"},"modified":"2026-01-28T10:05:56","modified_gmt":"2026-01-28T03:05:56","slug":"bitcoin-seen-entering-a-more-stable-phase-coinbase-and-glassnode-say","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/bitcoin-seen-entering-a-more-stable-phase-coinbase-and-glassnode-say\/","title":{"rendered":"Bitcoin Seen Entering a More Stable Phase, Coinbase and Glassnode Say"},"content":{"rendered":"
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In brief<\/h4>\n
    \n
  • Liquidity indicators remain supportive for Bitcoin in the near term, though growth is expected to slow.<\/li>\n
  • Institutional investors are favoring options hedges over leveraged futures positions.<\/li>\n
  • On-chain data suggest redistribution by long-term holders rather than forced selling.<\/li>\n<\/ul>\n<\/div>\n

    Bitcoin is flashing signs of a more stable and resilient phase, according to a new quarterly report from Coinbase Institutional and on-chain analytics firm Glassnode, released Tuesday.<\/span><\/p>\n

    The report, Charting Crypto: 1Q 2026, said excess leverage was largely flushed from the market during last year\u2019s fourth-quarter selloff, leaving Bitcoin less vulnerable to cascading liquidations and better positioned to absorb macroeconomic shocks.<\/span><\/p>\n

    Rather than signaling the start of a renewed speculative rally, the analysis suggests Bitcoin is behaving more like a macro-sensitive asset, shaped by global liquidity conditions, institutional positioning, and deliberate portfolio rebalancing.\u00a0<\/span><\/p>\n

    The authors frame the current environment as one in which durability matters more than speed.<\/span><\/p>\n

    That shift marks a departure from earlier market cycles dominated by retail momentum and leveraged trading. Instead, the report points to a more disciplined market structure, supported by liquidity but constrained by defensive positioning from professional investors.<\/span><\/p>\n

    \u201cWe believe that crypto markets are entering 2026 in a healthier state, with excess leverage having been flushed from the system in Q4,\u201d the authors wrote. \u201cThe macro environment looks sound, and monetary policy should be supportive.\u201d<\/span><\/p>\n

    One of the report\u2019s key forward-looking indicators is Coinbase\u2019s custom Global M2 Money Supply Index, which the firms say has historically led Bitcoin\u2019s price by roughly 110 days.\u00a0<\/span><\/p>\n

    The index remains positively aligned with the current quarter, suggesting near-term support for the world\u2019s largest crypto, though researchers warned that money supply growth is expected to moderate later in the period.<\/span><\/p>\n

    Open interest in Bitcoin options, meanwhile, has overtaken perpetual futures, with investors increasingly paying for downside protection rather than adding directional leverage, a signal that hedging has replaced aggressive risk-taking.<\/span><\/p>\n

    \u201cThis week’s market landscape presents an intriguing dilemma for directional and day traders,\u201d Farzam Ehsani, co-founder and CEO of crypto exchange VALR, told <\/span>Decrypt<\/span><\/i>. \u201cWith the Fed’s rate decision, inflation data, political risks, and trade tensions converging, the market faces too many unpredictable factors to favor leverage-heavy trading or upside hunting.\u201d<\/span><\/p>\n

    On-chain data show a similar pattern.\u00a0<\/span><\/p>\n

    Bitcoin activity picked up late last year, with coins changing hands at a much faster pace, while the share of long-held supply edged lower, in a sign that investors were reallocating positions rather than exiting the market outright.<\/span><\/p>\n

    The report also found that investor sentiment has weakened since October, slipping from optimism to caution and remaining subdued, as shown by on-chain measures of unrealized gains and losses.<\/span><\/p>\n

    Taken together, the signals suggest Bitcoin may be entering a phase defined by slower price discovery and tighter links to macroeconomic conditions.<\/span><\/p>\n

    Still, the authors cautioned that a slowdown in liquidity growth, renewed inflationary pressures, or geopolitical shocks could test whether the market\u2019s newfound stability holds.<\/span><\/p>\n

    Bitcoin is up 1.2% on the day to $89,000 and remains flat over the past seven days, according to CoinGecko data.<\/span><\/p>\n

    \n

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    In brief Liquidity indicators remain supportive for Bitcoin in the near term, though growth is expected to slow. Institutional investors […]<\/p>","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-60683","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/60683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=60683"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/60683\/revisions"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=60683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=60683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=60683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}