GlassNode Co-founder: Bitcoin derivatives trading pressure dissipates, M2 money supply hits a record high of $22.3 trillion.

According to Odaily Planet Daily, Negentropic, co-founder of Glassnode, stated in an article on the X platform that the overall price trend of Bitcoin is currently positive, with continuous buying during pullbacks and strong performance at recent lows. The expiration date of the largest Bitcoin options deal in history, with a notional value of approximately $23.6 billion, has passed, thus easing the burden of derivatives trading. Hedging activity in recent weeks has put downward pressure on prices, with most upward attempts being mechanical. Currently, the price discovery mechanism is functioning again, and the trend is favorable for price increases.

At the macro level, the US M2 money supply continued to expand, growing by 4.3% year-on-year in November to a record high of $22.3 trillion. This marks the 21st consecutive month of expansion, exceeding the 2022 peak by approximately $400 billion. Inflation-adjusted real M2 grew by 1.5% year-on-year, marking the 15th consecutive month of growth, indicating that the trend of fiat currency depreciation continues.