Matrixport: After Derivatives Leverage Unwinding, 2026 May See a New Bull Run on a More Solid Foundation

Odaily News Matrixport's latest chart and analysis indicate that following a large-scale deleveraging in the derivatives market, the crypto market may establish a more solid starting point for the 2026 cycle. The analysis shows that since the interim peak in October 2025, the leverage represented by open interest in BTC and ETH futures has been unwound by nearly $30 billion cumulatively. Operating in the new year with lighter positions and lower leverage will help the market return to a relatively balanced price rhythm. Matrixport believes that as crowded trades gradually recede and speculative overheating significantly cools down, the price movements of Bitcoin and other crypto assets may align more closely with fundamental rhythms, potentially opening up room for upward movement.