GlassNode Co-founder: Bitcoin price trend is positive, and pressure from derivatives trading is dissipating.
PANews reported on December 26th that Negentropic, co-founder of Glassnode, stated in an article on the X platform that the overall price trend of Bitcoin is currently positive. During pullbacks, buying pressure has been consistently strong, and recent lows remain resilient. An important potential change is that the heavy burden of derivatives trading has finally dissipated. The largest Bitcoin options expiration in history has just passed, with a notional value of approximately $23.6 billion.
For much of the past few weeks, the dynamics of hedging have put downward pressure on prices, with upward attempts largely mechanical rather than natural. This is changing. As these flows dissipate, Bitcoin's price is no longer constrained by hedging. When price structures are no longer dominated by hedging, price discovery mechanisms tend to come into play again, and the current trend is more favorable for continued price increases.
From a macroeconomic perspective, the US M2 money supply continues to expand, growing 4.3% year-on-year in November to 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 growing by 1.5% year-on-year, marking the 15th consecutive month of growth. The long-term trend is clear: the depreciation of fiat currencies has not stopped.
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