Glassnode Co-founder: Bitcoin price trend is positive, derivatives trading pressure is dissipating

CoinVoice has learned that Negentropic, co-founder of Glassnode, posted on X stating that the overall price trend of Bitcoin is currently showing a positive momentum. During pullbacks, buying interest continues to emerge, and recent lows remain firm. An important potential change is that the heavy burden of derivatives trading has finally dissipated. The largest Bitcoin options expiration in history just occurred, with a notional amount of approximately $23.6 billion. For most of the past few weeks, the dynamics of hedging trades have put downward pressure on prices, with most upward attempts being mechanical rather than natural. This situation is changing. As these capital flows dissipate, Bitcoin’s price is no longer constrained by hedging trades. When the price structure is no longer dominated by hedging activity, the price discovery mechanism tends to reassert itself, and the current trend is more favorable for continued price increases. On a macro level, the US M2 money supply continues to expand, with a year-over-year growth of 4.3% in November, reaching a record high of $22.3 trillion. This marks the 21st consecutive month of expansion, currently about $400 billion higher than the peak in 2022. Even in real terms, liquidity is still rising, with inflation-adjusted M2 year-over-year growth of 1.5%, marking the 15th consecutive month of growth. The long-term trend is clear: fiat currency devaluation has not stopped.