Bitcoin is entering a more stable market phase with reduced leverage risk, according to a report by Coinbase's institutional research division and Glassnode. The "Charting Crypto: Q1 2026" report highlights that the Q4 2025 correction eliminated excessive leverage, reducing Bitcoin's vulnerability to liquidations and enhancing its resilience to macroeconomic shocks. This phase is characterized by Bitcoin's emergence as a "macro-sensitive asset," influenced by global liquidity and institutional strategies, rather than high-leverage speculative cycles. The report notes a shift towards defensive allocations by institutional investors, with Bitcoin options open interest surpassing perpetual contracts, indicating a preference for downside protection. The market enters 2026 in a healthier state, supported by a stable macroeconomic environment and positive monetary policy expectations. Additionally, Coinbase's global M2 money supply index, which historically leads Bitcoin prices by 110 days, suggests short-term support for Bitcoin, although future liquidity growth may slow.