【BlockBeats】The week of January 9th, Bitcoin completed its deep deleveraging at the end of the year and entered 2026 with a cleaner capital structure. From on-chain data, several signals are improving: profit-taking selling pressure has significantly eased, ETFs are returning to net inflows, and open interest in futures contracts has stopped declining and is rebounding. Institutional participation is gradually recovering.
The most interesting development is in the options market. Among contracts expiring in the first quarter, traders are clustering in the $95,000-$100,000 range to buy call options, while market makers are turning into net shorts in the same range—this misalignment is quite subtle, and the hedging operations of market makers may be providing upward momentum during price rises. Implied volatility is in a low rebound phase, and skewness is continuously shifting towards bullishness, all of which are positive signals for the bulls.
Some analysts believe that we are now in an early stage where "the structure is improving, but the sentiment is not yet euphoric." If Bitcoin's price can hold steady in the short term,