Glassnode Co-founder: The overall cycle structure remains intact; Bitcoin ETFs continue to generate net profits and their cost base remains undamaged.

Negentropic, co-founder of Glassnode, published an article on the X platform pointing out that what is happening to Bitcoin now is not a narrative shift, but a mechanism-based "buffering." Currently, ETFs are still maintaining net profits, and the cost base has not been damaged. Although some long-term holders are selling, the Solana ETF is seeing stable inflows, and altcoins are performing better than BTC and ETH. Furthermore, the overall cyclical structure remains intact, with strong demand for ETFs and spot trading, and the macroeconomy generally maintaining a neutral to bullish stance. The market has not surrendered, and the trend has not been broken. When the decline finally exhausts, the rebound may be much larger than the previous drop.