[Glassnode Co-Founder Analyzes Changes in Bitcoin Price Structure] On December 26, Glassnode co-founder Negentropic stated that Bitcoin's price structure is undergoing positive changes. Recent pullbacks have been supported by buying pressure, previous lows remain intact, and the market is showing a constructive trend. With the expiration of Bitcoin options worth approximately $23.6 billion in nominal value, the deleveraging effect in derivatives has largely cleared, the price suppression phase has ended, and the price discovery mechanism is gradually returning. Negentropic pointed out that the U.S. M2 money supply has grown by 4.3% year-on-year, indicating that the long-term fiat currency dilution trend has not ceased. Macro and structural factors are creating a favorable environment for Bitcoin.