glassnode: Bitcoin Starts the Year with a More Robust On-Chain Structure, Market Participation Enthusiasm Rebuilding

BlockBeats News, January 8, glassnode published its weekly market observations report stating that as Bitcoin entered the new year, a significant portion of legacy positions has been cleared from the spot, futures, and options markets. The deleveraging event at the end of 2025 and the end-of-year expiry cycle effectively reset the market's structural constraints, leaving behind a clearer, more transparent signal environment.

Early signs of market reinvigoration have now emerged. ETF fund flows are starting to stabilize, futures market participation is rebuilding, the options market is notably shifting towards bullishness, skewness is normalizing, volatility has bottomed out, and traders' gamma values have turned bearish near key upside strike prices.

These dynamics collectively indicate that the market is transitioning from a defensive, distribution-driven behavioral pattern to selectively taking on risk again and rebuilding participation. While structural buildup remains relatively mild, the clearing of overextended positions and the resurgence of upside potential suggest that Bitcoin begins 2026 with a more robust foundation, with ongoing improvements in the internal market structure and an increased likelihood of expansion.