Bitcoin Dominance Holds Steady at 59% Amid Shifts in Market Conditions

A new report from Coinbase and on-chain analytics firm Glassnode reveals that Bitcoin (BTC) dominance has held steady at around 59% in early 2026, even as mid- and small-cap assets struggle to sustain gains.

The firms' quarterly Charting Crypto report, released January 27, notes a significant shift in market conditions following last year's deleveraging event. This event led to reduced leverage and more disciplined risk positioning among investors.

The report highlights that options open interest has surpassed perpetual futures for the first time since October's deleveraging. Positions are now geared toward protective structures as participants hedge against potential downside rather than exiting risk entirely.