Glassnode: Bitcoin has a more robust supply structure at the start of the new year, and market participation is being rebuilt.

[Glassnode: Bitcoin Has a More Robust Position Structure at the Start of the New Year, Market Participation is Rebuilding] Mars Finance reported on January 8th that Glassnode released its weekly market observation report, stating that as Bitcoin enters the new year, a significant portion of legacy positions in the spot, futures, and options markets has been cleared. The deleveraging event at the end of 2025 and the year-end expiration cycle effectively reset the market's structural constraints, leaving a clearer and more transparent signaling environment. Early signs of market reactivation are already emerging. ETF flows are beginning to stabilize, futures market participation is rebuilding, the options market has clearly shifted to a bullish stance, skewness is normalizing, volatility has bottomed out, and traders' gamma values have turned to short near key high-end strike prices. 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 mild, the clearing of excess positions and the re-emergence of upside potential suggest that Bitcoin has a more robust foundation at the start of 2026, with an improving internal market structure and increased potential for expansion.