Matrixport released a daily chart analysis stating that starting the new year with lighter positions and lower leverage is often more conducive to the market completing rebalancing, and price movements are more likely to return to a more natural rhythm. Since the peak in October 2025, nearly $30 billion of leverage corresponding to the open interest of BTC and ETH futures has been cleared.

Entering 2026, positions are lighter and speculative overheating has significantly cooled down. As crowded trades recede, the price movements of Bitcoin and other crypto assets are more likely to return to fundamental rhythms, opening up upside potential.