On January 8th, Glassnode published its weekly market observation report 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 have already appeared. ETF capital flows are beginning to stabilize, futures market participation is rebuilding, and the options market has also shifted noticeably to 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 transitioning from a defensive, distribution-driven behavior pattern to selectively taking on risk again and rebuilding engagement. Although structural accumulation remains moderate, the clearing of overextended positions and the re-emergence of upside potential suggest that Bitcoin in 2026