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

BlockBeats News, January 8 — Glassnode published its weekly market review report stating that as Bitcoin enters the new year, a significant portion of residual positions in spot, futures, and options markets have been cleared. 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 signal environment.

Early signs of market reactivation have already appeared. ETF capital flows are beginning to stabilize, futures market participation is rebuilding, and the options market is also clearly turning bullish, with skewness trending toward normalization, volatility bottoming out, and traders’ gamma near key high strike prices turning to short.

These dynamics collectively indicate that the market is shifting from a defensive, distribution-driven behavior pattern to selectively taking on risk and rebuilding participation. Although structural accumulation remains relatively 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, with internal market structures continuously improving and increasing the likelihood of expansion.