According to glassnode, Bitcoin's VDD Multiple remains anchored in the low band, reflecting an accumulation regime with limited long-term holder spending and subdued distribution pressure (source: Glassnode, Jan 9, 2026, https://twitter.com/glassnode/status/2009604359819305403; https://glassno.de/3NazR2S). Glassnode states the market continues to absorb prior gains in a structurally constructive manner, consistent with the observed low-band VDD Multiple (source: Glassnode, Jan 9, 2026, https://twitter.com/glassnode/status/2009604359819305403).