Analysis suggests that the suppression of Bitcoin derivatives has been lifted, and the price discovery mechanism has returned.

According to ChainCatcher, Negentropic, co-founder of Glassnode, published an article stating that the current Bitcoin price structure is showing positive changes. Recent pullbacks have consistently found buying support, and previous lows remain intact, indicating a constructive market trend. A key structural change is that the "side churning effect" of derivatives has largely dissipated. With the largest Bitcoin options expiration event in history, totaling approximately $23.6 billion, the price suppression dominated by hedging activity in the preceding weeks is ending.

Negentropic argues that market rallies before options expire are often suppressed by mechanical hedging rather than genuine supply and demand. With related funds flowing out, BTC is no longer "pegged," and the price structure is expected to be driven by the market itself again, with price discovery mechanisms returning and the upward bias gradually strengthening. From a macro perspective, he emphasizes that the liquidity environment is still improving. US M2 money supply grew by 4.3% year-on-year, reaching a record high of $22.3 trillion in November, marking 21 consecutive months of expansion and exceeding the 2022 peak by approximately $400 billion. Even after adjusting for inflation, real M2 still grew by 1.5% year-on-year, rising for 15 consecutive months. The long-term trend remains clear—fiat currency dilution has not stopped, and macroeconomic and structural factors are creating a new tailwind environment for Bitcoin.