Glassnode: Bitcoin Derivatives Trading Pressure Dissipates, US M2 Money Supply Hits Historic High of $22.3 Trillion

According to reports, Glassnode's Negentropic posted on X platform that the overall price trend of Bitcoin is positive, with buying pressure emerging during pullbacks and recent lows showing resilience. The largest Bitcoin options expiration in history, with a nominal amount of around $23.6 billion, has passed, dissipating the burden of derivative trading. Recent weeks of hedging trading dynamics have put pressure on prices, with upward attempts mostly mechanical, but now the price discovery mechanism is back in action, favoring price increases. On a macro level, the US M2 money supply continues to expand, growing 4.3% year-on-year in November, reaching a historic high of $22.3 trillion. This marks the 21st consecutive month of expansion, exceeding the 2022 peak by about $400 billion. Adjusted for inflation, real M2 grew by 1.5% year-on-year, marking the 15th consecutive month of growth, indicating a continued trend of currency depreciation.

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