Matrixport: After the deleveraging of derivatives, a new market cycle may begin on a more solid foundation in 2026

According to ChainCatcher, Matrixport's latest charts and analysis indicate that after a large-scale deleveraging in the derivatives market, the crypto market may be laying a more solid foundation for the 2026 cycle.

The analysis shows that since the temporary peak in October 2025, nearly $30 billion in leverage corresponding to BTC and ETH futures open interest has been cleared. The new year is operating with lighter positions and lower leverage, which helps the market return to a relatively balanced price rhythm. Matrixport believes that as crowded trades gradually subside and speculative overheating cools significantly, the price movements of bitcoin and other crypto assets may align more closely with fundamental trends, potentially opening up more room for upside.