Glassnode: Bitcoin starts the new year with a more robust chip structure, and market participation enthusiasm is rebuilding.

On January 8th, Glassnode published its weekly market review stating that Bitcoin has cleared a significant portion of residual positions in the spot, futures, and options markets as the new year begins. The deleveraging event by the end of 2025 and the expiry cycle at year-end have effectively reset the market’s structural constraints, leaving a clearer and more transparent signaling environment. Early signs of market reactivation are now emerging. ETF capital flows are beginning to stabilize, futures market participation is rebuilding, and the options market has also shifted noticeably to a bullish stance. Skewness is normalizing, volatility has bottomed out, and traders’ gamma values near key high strike prices have turned to short. These dynamics collectively indicate that the market is transitioning from a defensive, distribution-driven behavior pattern to selectively taking on risk and rebuilding engagement. Although structural accumulation remains moderate, the clearing of overextended positions and the re-emergence of upside potential suggest that Bitcoin has a more robust foundation at the start of 2026. The internal market structure continues to improve, and the potential for expansion increases accordingly.