**BTC trend shows a turning signal, derivatives pressure dissipates and the market regains vitality**

Cryptocurrency data analysis platform Glassnode co-founder Negentropic recently shared the latest observations on Bitcoin's market. Currently, BTC's overall price shows positive signals—buying interest emerges with every dip, recent lows remain solid, and market bottom support remains strong.

The most notable change comes from the derivatives market. The largest Bitcoin options contracts in history have just settled, involving a total of $23.6 billion. Over the past few weeks, complex hedging dynamics have significantly suppressed prices, making many upward movements appear passive and lacking natural momentum. But this situation is improving— as these massive options positions unwind, BTC prices are no longer hostage to hedging trades, and the market's price discovery mechanism is restarting. When pricing power returns to natural supply and demand, it usually indicates that the trend is more likely to reinforce itself, and the current market structure is more conducive to continued upward movement.

Macro signals are equally worth noting. The US M2 money supply continues to expand, with a year-over-year growth rate 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 peak in 2022. Even when excluding inflation and measuring in real purchasing power, M2 is still growing, with a 1.5% YoY increase after inflation adjustment, marking 15 consecutive months of growth. This clearly indicates a long-term trend: fiat currency is continuously depreciating, and liquidity expansion has not stopped.

Against the backdrop of easing derivatives pressure and abundant macro liquidity, the underlying support for BTC's trend is strengthening.