Glassnode co-founder: Bitcoin ETF still maintains net gains, cost basis remains intact

Glassnode co-founder Negentropic posted on platform X, pointing out that what is happening with Bitcoin now is not a narrative shift, but a mechanism of "buffering." Currently, ETFs are still maintaining net gains, and the cost basis has not been damaged. Although some long-term holders are selling, the inflow into Solana ETFs remains stable, and altcoins are performing better relative to BTC and ETH.

Moreover, the overall cycle structure remains intact, with strong ETF and spot demand, and the macroeconomic outlook is generally neutral to bullish. The market has not surrendered, and the trend has not been broken. When the downward momentum eventually exhausts, the rebound could be much larger than the previous decline.