Bitcoin Dominance Hits 59% as Options Trading Surpasses Futures

A new report from Coinbase and Glassnode shows that Bitcoin's dominance has reached 59% as options trading overtakes futures. The Q1 market outlook, released on January 27, highlights a significant shift in investor behavior following last year's deleveraging event.

The report notes that the digital asset markets have become cleaner and more disciplined in terms of risk positioning. This is evident from the lower leverage levels seen in Q4, with BTC supply active within three months increasing to 37%.

Ethereum appears to be approaching the later stages of its current performance cycle, which began from June 2022 lows. The report suggests that structural changes to Ethereum's ecosystem have diluted the predictive power of traditional cycle frameworks.