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

On January 8, Glassnode released its weekly market observations report, noting that a large share of legacy positions across Bitcoin’s spot, futures, and options markets have been cleared as the crypto enters the new year. The late-2025 deleveraging event and year-end expiry cycle effectively reset the market’s structural constraints, creating a clearer, more transparent signal environment. Early signs of market reinvigoration are already emerging: ETF fund flows are stabilizing, futures market participation is rebounding, the options market is leaning notably bullish, skewness is normalizing, volatility has hit a bottom, and traders’ gamma positions have turned bearish near key upside strike levels. Collectively, these trends signal the market is shifting from a defensive, distribution-focused pattern to selectively taking on risk and rebuilding participation. Though structural buildup remains relatively mild, the clearance of overextended positions and renewed upside potential suggest Bitcoin starts 2026 on a more solid foundation—with ongoing improvements to internal market structure and a higher chance of expansion.