A recent chart and analysis from Matrixport suggests that after a large-scale deleveraging in the derivatives market, the crypto market may be laying a more solid foundation for its 2026 performance. The analysis shows that since the peak in October 2025, nearly $30 billion in leverage corresponding to open interest in BTC and ETH futures contracts has been cleared. Operating in the new year with lighter positions and lower leverage will help the market return to a more balanced price rhythm. Matrixport believes that as crowded trading gradually subsides and speculative overheating cools significantly, the price movements of Bitcoin and other crypto assets may become closer to their fundamental rhythm, potentially opening up further upside potential.