Coinbase x Glassnode:

Charting Crypto Q1 2026

The quarterly, data-driven market perspective for institutional investors making allocation and risk decisions in digital assets.

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Charting Crypto Q1 2026. A joint report by Coinbase Institutional and Glassnode.

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Institutions rely on Coinbase Institutional to understand, plan, and realize opportunities created by digital assets and web3.

Institutional investors leverage Glassnode's industry leading on-chain analytics to more clearly evaluate trading decisions.

The report includes:

Market Overview

Including crypto market cap, cycle performance and correlations to other assets.

Bitcoin

10 slides on BTC including performance, holding patterns, and market trends.

Ethereum

14 slides on ETH iIncluding price trends, staking, Layer 2 activity, and more.

Stablecoins

Insights on record-high stablecoin supply and their increasing utility in financial systems.

Macro View

Insights on record-high stablecoin supply and their increasing utility in financial systems.

Global Investor Survey

We surveyed 148 global investors (75 institutions and 73 non-institutions).


Get our market outlook

We have a constructive stance for 1Q26.

Find out why, along with the factors that may change this view.

A more selective market taking shape

Digital asset markets have entered 2026 on firmer footing after last year’s deleveraging. Risk has shifted into options, sentiment remains cautious, and leadership is concentrated in larger-cap assets, led by BTC.

BTC dominance proved resilient under stress

Bitcoin dominance held near 59% through late-2025 market stress, even as mid- and small-cap tokens experienced sharp price dislocations.

Risk is being repriced, not abandoned

BTC options open interest surpassed perpetual futures after October’s deleveraging event, with positioning increasingly concentrated in protective structures as market participants hedged against further downside.

ETH price cycle shows signs of maturing

ETH appears to be nearing a late-stage phase of its current price cycle, but evolving network dynamics suggest traditional cycle frameworks now have more limited influence on forward trends.

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