In their latest report, "Charting Crypto: Q1 2026," Coinbase's institutional research division and on-chain analytics firm Glassnode noted that Bitcoin is exhibiting more stable and resilient market characteristics. The report argues that the Q4 2025 correction has largely cleared excess leverage from the market, reducing Bitcoin's sensitivity to cascading liquidations and making it more resilient to macroeconomic shocks. The report states that the current market is not a return to a high-leverage speculative cycle, but rather a gradual shift towards a "macroeconomically sensitive asset," with its price more influenced by global liquidity, institutional positioning, and portfolio rebalancing. Unlike previous cycles dominated by retail momentum and high-leverage trading, the current market structure is more restrained, with institutional investors favoring defensive allocations. Researchers point out that the crypto market will be healthier overall entering 2026, with a relatively stable macroeconomic environment and supportive monetary policy expectations. The report also mentions that Coinbase's self-built global M2 money supply index historically leads Bitcoin prices by approximately 110 days, and this indicator remains positively correlated in the current quarter, suggesting short-term support for Bitcoin, although subsequent liquidity growth may slow. Furthermore, the report shows that open interest in Bitcoin options has surpassed that of perpetual contracts, indicating that investors are more inclined to purchase downside protection rather than continue leveraging to bet on directional market movements, reflecting a more cautious market risk appetite. (Decrypt)