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 still maintain net gains, and the cost basis has not been damaged. Although some long-term holders are selling, the inflow of 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 environment generally maintaining a neutral to bullish stance. The market has not surrendered, and the trend has not broken. When the downward momentum eventually exhausts, the rebound could be much larger than the previous decline.