[glassnode Co-Founder Says Bitcoin Price Trend is Positive, Derivatives Trading Pressure Eases] glassnode Co-Founder Negentropic posted on the X platform, noting that Bitcoin's overall price trend is showing a positive trajectory, with sustained buying pressure during pullbacks and recent lows holding firm. He stated that the heavy burden of derivatives trading has dissipated, as the largest Bitcoin options expiration in history just passed, with a notional value of approximately $23.6 billion. In recent weeks, hedging dynamics have put pressure on prices, with most upward attempts being mechanical rather than organic growth. As capital flows subside, Bitcoin's price structure is no longer dominated by hedging activities, and the price discovery mechanism is beginning to recover. On a macro level, the U.S. M2 money supply grew by 4.3% year-over-year in November, reaching $22.3 trillion, marking the 21st consecutive month of expansion, with the trend of fiat currency depreciation showing no signs of stopping.