Glassnode: Bitcoin Starts the New Year with a More Robust Chip Structure, Market Participation Enthusiasm is Being Rebuilt

According to reports from Glassnode, as Bitcoin enters the new year, a significant portion of legacy positions in the spot, futures, and options markets have been cleared. The deleveraging event at the end of 2025 and the expiration cycle at the end of the year effectively reset the market's structural constraints, leaving a clearer and more transparent signal environment. Early signs of market reactivation have already emerged. ETF fund flows are stabilizing, futures market participation is rebuilding, and the options market is clearly shifting towards bullish sentiment, skew is normalizing, volatility is bottoming out, and traders' gamma values are turning bearish near key high strike prices. These dynamics collectively indicate that the market is transitioning from a defensive, distribution-driven behavior pattern to selectively taking on risks and rebuilding participation. Although structural accumulation remains moderate, the clearing of overextended positions and the reappearance of upside potential indicate that Bitcoin has a more robust foundation at the start of 2026, with continuous improvement in internal market structure and increased expansion possibilities.

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