Bitcoin has entered 2026 with a more stable market structure following significant de-leveraging and options expirations at the end of the previous year. On-chain data indicates a reduction in profit-taking pressure, with ETF funds experiencing net inflows once again. Futures open interest has begun to rebound, and institutional participation is on the rise. In the options market, traders are focusing on call options in the $95,000–$100,000 range for the first quarter, while market makers are net short in this range, potentially amplifying upward movements through their hedging activities. Implied volatility is recovering, and the market skew suggests an upward correction. Analysts from BiyaPay suggest that the market is in an early stage of structural improvement, with potential for upward movement if Bitcoin stabilizes above the short-term holders' cost zone.