According to BlockBeats, on January 8, glassnode released its weekly market observation report, indicating that Bitcoin has cleared a significant portion of legacy positions in the spot, futures, and options markets as it enters the new year. The deleveraging event by the end of 2025 and the year-end expiration cycle effectively reset the market's structural constraints, leaving a clearer and more transparent signal environment.
Early signs of market reactivation have emerged. ETF fund flows are stabilizing, futures market participation is rebuilding, and the options market has notably shifted towards bullish sentiment, with skew normalizing and volatility bottoming out. Traders' gamma values have turned short near key high strike prices.
These dynamics collectively suggest that the market is transitioning from a defensive, distribution-driven behavior pattern to selectively reassuming risk and rebuilding participation. Although structural accumulation remains relatively moderate, the clearing of excess positions and the reemergence of upward potential indicate that Bitcoin has a more robust foundation at the start of 2026. The internal market structure is continuously improving, increasing the possibility of expansion.