Крипторынок восстанавливается, леверидж падает: аналитики отмечают осторожный оптимизм Translation: Headline: Crypto Market Recovers, Leverage Drops: Analysts Note Cautious Optimism

Experts from Coinbase Institutional and Glassnode have noted a market recovery following the October deleveraging. This is outlined in a joint report by the two companies.

Analysts believe that the industry is becoming more resilient and «disciplined.» A key trend is the shift in focus from aggressive risk-taking to protective strategies.

The top cryptocurrency has maintained its leading position, with the dominance index hovering around 59%. Assets of medium and small capitalization have lost their upward momentum.

Market participants are displaying cautious sentiments. The Net Unrealized Profit/Loss (NUPL) indicator declined following October’s liquidations, moving from the «Belief» zone into the «Anxiety» zone.

The stabilization of this metric at lower levels suggests that investors are hesitant to take on directional risks, despite improvements in macroeconomic conditions.

The report also highlights an increase in coin distribution. In the fourth quarter, the share of active Bitcoin supply (coins that have moved in the past three months) rose to 37%.

The events of October led to a significant reduction in systemic leverage. The volume of positions in perpetual futures has decreased, while the leverage ratio (excluding stablecoins) has fallen to around 3% of the total market capitalization.

Instead of fully exiting assets, traders have redirected capital into the options market. Open interest in this sector has surpassed that of Bitcoin perpetual futures. Market participants are favoring instruments with fixed risk, which enhances the reliability of the trading environment.

Analysts have suggested that Ethereum is approaching the latter stages of the current cycle that began in June 2022. However, traditional cyclical indicators are losing their predictive power.

This is attributed to structural changes within the ecosystem, including reduced fees in Layer 2 networks and new tokenomics. Experts believe that Ethereum’s dynamics are now more influenced by overall liquidity conditions than by the duration of the market cycle.

According to surveys, institutional investors are maintaining a «selective optimism» and continue to favor large-cap assets amid geopolitical uncertainties.

It is worth noting that CryptoQuant analyst known as Gaah reported that the realized losses for holders of digital gold reached $4.5 billion—a three-year high.