Negentropic, co-founder of Glassnode, has highlighted a positive trend in Bitcoin's price, noting that the pressure from derivatives trading is easing. He pointed out that despite recent pullbacks, buying pressure remains strong, and recent lows have shown resilience. The largest Bitcoin options expiration, valued at approximately $23.6 billion, has passed, reducing the downward pressure from hedging activities. This shift allows Bitcoin's price discovery mechanisms to function more naturally, supporting potential price increases. Additionally, the US M2 money supply continues to expand, reaching a record $22.3 trillion in November, marking a 4.3% year-on-year growth. This expansion, coupled with a 1.5% inflation-adjusted increase, underscores a persistent depreciation of fiat currencies, which could further influence Bitcoin's long-term value trajectory.