BlockBeats news: On January 9, after experiencing significant deleveraging at year-end and concentrated option expirations, Bitcoin entered 2026 with a cleaner structure. On-chain data shows that profit-taking pressure has significantly eased, ETF flows have returned to net inflows, futures open interest has rebounded, and institutional participation is gradually recovering.

Options markets have become a key indicator: Among Q1 expiration contracts, traders have concentrated buying of call options in the 95,000–100,000 USD range, while market makers have turned net short in this range, and their hedging behavior could provide upward momentum. Implied volatility is in the early stage of recovery from lows, and skew continues to recover toward calls.

BiyaPay analysts believe that the current stage is more akin to “structural improvement rather than emotional euphoria,” and if price can consolidate above the short-term holder cost zone, upside elasticity is expected to be released. BiyaPay supports trading US stocks, Hong Kong stocks, and futures and spot contracts using USDT, and also supports trading assets like gold, providing users with convenient multi-asset opportunities to flexibly position through the volatility recovery phase.

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