PANews reported on January 23 that, according to The Block, Coinbase Institutional stated in its latest "Charting Crypto" report that after adjustments at the end of 2025, the cryptocurrency market has a more solid structural foundation at the start of 2026; entering the first quarter, market positioning has improved, and the overall environment is more balanced.

The report argues that the decline in the fourth quarter of last year helped clear out previously accumulated excessive leverage and speculative positions. The current environment indicates that the market is undergoing a recalibration rather than a return to aggressive risk-taking. Investor participation remains active but more cautious, and position allocation is more rational and orderly than in previous expansion phases, reducing downside risk and making the market more resilient to shocks. Meanwhile, on-chain data shows that supply dynamics are becoming more orderly, signs of panic selling are decreasing, and holder behavior is gradually returning to normal; leverage use in the derivatives market is also more restrained. Although macroeconomic uncertainties remain, related risks have been largely absorbed by market positions, resulting in a more controlled price response.