После снижения кредитного плеча в начале года биткоин получил шанс, структура рынка тихо улучшилась

【BlockBeats】According to the latest weekly report from on-chain data platforms, Bitcoin has completed a deep 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 pressure, paving the way for the subsequent market movement.

Interestingly, market vitality is quietly returning. The signals here are very clear: ETF fund flows are becoming stable, futures market participation is being rebuilt, and the options market clearly shows a bullish bias, market skewness is gradually reverting to normal levels, and volatility has touched the bottom. The gamma values of traders near the high strike prices have shifted from long to short, indicating a subtle shift in market sentiment.

Behind these signs, the message is actually quite clear: the market is gradually transitioning from a defensive posture and distribution-led conservative mode toward selectively re-taking on risk. Although structural accumulation is not yet aggressive enough, the excessive trapped positions have been cleared out, and upward space has re-emerged. Standing at the beginning of 2026, Bitcoin has a more solid foundation, the internal market structure is continuously optimizing, and once conditions are met, the expansion potential is right there.