Bitcoin Dominance Near 59% as Options Overtake Futures
A new report from Coinbase and on-chain analytics firm Glassnode shows that Bitcoin (BTC) dominance in digital asset markets remains strong, reaching near 59% as of early 2026. According to the quarterly Charting Crypto report published by the two firms on January 27, BTC's structural leadership has been sustained despite a decline in mid- and small-cap assets.
The report notes that options open interest now exceeds perpetual futures for the first time since October's deleveraging event, indicating a shift towards protective structures. This change reflects investor behavior, as participants are now hedging against further downside rather than exiting risk entirely.
Additionally, the report found that BTC supply active within three months increased to 37% in Q4, while long-dormant supply declined modestly. Ethereum (ETH) appears to be approaching the later stages of its current performance cycle, which began from June 2022 lows. The traditional cycle frameworks are losing predictive power due to structural changes in ETH's ecosystem.
Institutional sentiment remains selectively constructive, with a preference for large-cap exposure amid lingering geopolitical uncertainty. Cycle timing is increasingly insufficient as a standalone guide for future performance, according to the survey responses.