Matrixport: After the clearing of derivatives leverage, a new round of market trends may begin in 2026 or on a more solid foundation

Matrixport's latest charts and analysis indicate that after a large-scale deleveraging in the derivatives market, the crypto market may establish a more solid starting point for the 2026 rally.

The analysis shows that since the peak in October 2025, the leverage corresponding to the open interest of BTC and ETH futures has been cleared by nearly $30 billion. Operating in a state of lighter positions and lower leverage in the new year will help the market return to a relatively balanced price rhythm. Matrixport believes that as crowded trades gradually recede and speculative overheating significantly cools, the price movements of Bitcoin and other crypto assets may align more closely with fundamental rhythms, potentially opening up upward space.