BTC Dominance Holds at 59% as Options Overtake Futures

Crypto markets have entered 2026 with lower leverage and more disciplined risk positioning following last year's deleveraging event, according to a report by Coinbase and on-chain analytics firm Glassnode.

The firms' quarterly Charting Crypto report, released on January 27, drew on proprietary data and an institutional survey to assess market conditions for the first quarter. Bitcoin (BTC) retained its dominance at nearly 59%, despite mid- and small-cap assets failing to sustain gains from earlier rallies.

The report noted that options open interest has now surpassed perpetual futures following October's deleveraging, with participants shifting toward protective structures rather than exiting risk entirely.