Recently, the market has shown clear signs of recovery. After the leverage reduction at the end of the year, some long-term trapped positions have finally been cleared out, freeing up significant space in the market.

By looking at several key indicators recently, we can feel the strength of this shift. In terms of capital flow, the movement of various ETFs has begun to stabilize, indicating that the institutional wait-and-see period is nearly over. Participation in the futures market is also rebuilding, no longer in a dull state. More interestingly, the options market has recently shifted clearly towards a bullish stance, reflecting a change in investor sentiment.

Volatility has bottomed out, and market makers at high strike prices are beginning to adopt short gamma positions, all signaling a transition: from a defensive posture to a willingness to take on risk. Although the current accumulation is still moderate, the clearing of residual positions combined with the emergence of upward potential has laid a relatively solid foundation for Bitcoin's start in 2026. The market structure is improving, and the possibility of subsequent expansion has significantly increased.