According to @glassnode, off-chain crypto signals are mixed as spot and ETF indicators continue to deteriorate, pointing to fading real demand and ongoing TradFi de-risking, source: @glassnode, Jan 12, 2026. @glassnode states that futures positioning is rebuilding modestly, source: @glassnode, Jan 12, 2026. @glassnode also notes that options markets continue to price elevated uncertainty, source: @glassnode, Jan 12, 2026.