【BlockBeats】According to the latest weekly report from an on-chain data platform, Bitcoin has completed a thorough market clearing at the beginning of the new year. The leverage liquidation event at the end of 2025 and the year-end options expiration cycle effectively reset the market’s structural stress, paving the way for the subsequent market movement.
Interestingly, market vitality is quietly returning. The signals here are clear: ETF fund flows are stabilizing, participation in the futures market is being rebuilt, the options market is notably tilted toward bullish sentiment, market skewness is gradually returning to normal levels, and volatility has touched bottom. Gamma values held by traders near high strike prices have shifted from long to short, indicating a subtle change in market sentiment.
Behind these signs, the message is actually quite clear: the market is gradually transitioning from a defensive posture and distribution-dominated conservative mode toward selectively re-assuming risk. While structural accumulation is not yet aggressive, the excessive locked-in positions have been cleaned out, and upward space has re-emerged. Standing at the beginning of 2026, Bitcoin has a more solid foundation, the internal market structure continues to optimize, and once conditions are met, the potential for expansion will be there.
ビットコインは年初のレバレッジ解消後に転機を迎え、市場構造が静かに改善されている
【BlockBeats】According to the latest weekly report from an on-chain data platform, Bitcoin has completed a thorough market clearing at the beginning of the new year. The leverage liquidation event at the end of 2025 and the year-end options expiration cycle effectively reset the market’s structural stress, paving the way for the subsequent market movement.
Interestingly, market vitality is quietly returning. The signals here are clear: ETF fund flows are stabilizing, participation in the futures market is being rebuilt, the options market is notably tilted toward bullish sentiment, market skewness is gradually returning to normal levels, and volatility has touched bottom. Gamma values held by traders near high strike prices have shifted from long to short, indicating a subtle change in market sentiment.
Behind these signs, the message is actually quite clear: the market is gradually transitioning from a defensive posture and distribution-dominated conservative mode toward selectively re-assuming risk. While structural accumulation is not yet aggressive, the excessive locked-in positions have been cleaned out, and upward space has re-emerged. Standing at the beginning of 2026, Bitcoin has a more solid foundation, the internal market structure continues to optimize, and once conditions are met, the potential for expansion will be there.