Bitcoin Price Structure Improves as Largest-Ever Options Expiration Clears Deleveraging, Reigniting Price Discovery

In a note cited by COINOTAG News, Bitcoin price structure appears constructive, per Negentropic, co-founder of Glassnode. The pullback has drawn steady demand, and the prior low remains intact, signaling a healthier setup. A key shift is the unwinding of deleveraging from derivatives after the historic Bitcoin options expiration around $23.6B notional.

With hedging-driven price suppression receding, BTC may reclaim genuine supply-demand dynamics as funds exit risk-off positions and price discovery returns. Analysts anticipate a gradual uptrend bias as market structure normalizes in the wake of the expiration event.

From the macro lens, liquidity remains supportive: US M2 rose 4.3% YoY to a record $22.3 trillion in November, marking 21 straight months of expansion and roughly $400 billion above the 2022 peak. After inflation, real M2 sits about 1.5% higher YoY, underscoring fiat dilution as a potential tailwind for Bitcoin.