Bitcoin is evolving into a stable macro asset, report says

Bitcoin is transforming into a stable and resilient macroeconomic asset, according to a joint report from Coinbase Institutional and on-chain analytics firm Glassnode. The report notes that excessive leverage was largely purged from the market during the sell-off in the fourth quarter of last year, reducing the risk of cascading liquidations and making the asset better equipped to handle macroeconomic shocks. Recent trends show Bitcoin exhibiting the characteristics of a macro asset, with its movements influenced by the global liquidity environment, institutional investor positioning, and portfolio adjustments. The authors added that the market now prioritizes sustainability over speed, a shift they attribute to a departure from the momentum and leveraged trading flows previously driven by retail investors.