[glassnode: Bitcoin Market Structure Improves, Participation Rebuilds] On January 8, glassnode released its weekly market observation report, stating that Bitcoin has cleared some legacy positions in the spot, futures, and options markets after entering the new year. The deleveraging event at the end of 2025 and the year-end expiration cycle have reset structural constraints in the market. Currently, signs of renewed market activity are emerging, ETF fund flows are stabilizing, participation in the futures market is rebuilding, the options market is turning bullish, volatility has bottomed out, and traders' gamma values have shifted to short positions near high strike prices. The report highlights that Bitcoin's market structure is improving, with risk-taking and participation being rebuilt.