Glassnode Co-Founder: Bitcoin Derivatives Trading Pressure Eases, U.S. M2 Money Supply Hits Record High of $22.3 Trillion

According to Odaily, glassnode co-founder Negentropic posted on X, stating that the overall price trend of bitcoin is showing a positive outlook, with buying interest continuously emerging during pullbacks and recent lows remaining resilient. The largest bitcoin options expiry in history, with a notional value of approximately $23.6 billion, has passed, alleviating the burden of derivatives trading. In recent weeks, hedging dynamics have put pressure on prices, and most upward attempts have been mechanical. Now, the price discovery mechanism is regaining its function, and the trend is favorable for price increases.

On the macro level, the US M2 money supply continues to expand, with a year-on-year increase of 4.3% in November, reaching a record high of $22.3 trillion. This marks the 21st consecutive month of expansion, about $400 billion higher than the 2022 peak. The 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.