Profit-taking pressure has significantly eased, and by early 2026, Bitcoin will break through the $8,700 consolidation zone, with an increase of about 8.5%, opening space for subsequent gains 📈. Market structure improvement: ETF net inflows rebound, futures open interest increases, indicating renewed institutional participation and reconstructed derivatives activity 📊. After the “big reshuffle” in the options market, volatility has bottomed out, skewness has returned to normal, and investors are shifting from defensive to bullish positions. Short positions are in the range of $95,000–$104,000, which is favorable for price upward movement ⚖️. Short-term holder cost basis is approximately $99,100. If it can hold steady at this level, MVRV breaking above 1 will further boost confidence; at the same time, the imbalance indicator for short-term holders remains a key focus 🏦. Corporate treasury demand remains pulse-like and lacks sustainability, with price-driving weight leaning more towards derivatives positions and short-term liquidity. Overall, Bitcoin’s structural momentum has improved, providing the possibility for further market development in 2026 🚀.