BlockBeats News, January 9 — After experiencing deep deleveraging and concentrated options expiration at the end of the year, Bitcoin enters 2026 with a cleaner structure. On-chain data shows that profit-taking pressure has significantly eased, ETF capital has shifted back to net inflows, futures open interest has stabilized and rebounded, and institutional participation is gradually recovering.
The options market has become a key indicator: In the contracts expiring in the first quarter, traders predominantly bought call options in the $95,000–$100,000 range, while market makers turned net short in this range, potentially providing upward momentum through hedging activities. Implied volatility is rising from low levels, with skew continuing to tilt towards bullish recovery.
BiyaPay analysts believe that this is more like an early stage of “structural improvement rather than market euphoria.” If the price can hold above the short-term holder cost basis, upward potential may be unleashed. BiyaPay supports trading USDT for US stocks, Hong Kong stocks, futures, and spot contracts, as well as gold and other assets, making it convenient for users to flexibly position across multiple assets during the volatility recovery phase.
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