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

According to an article published on the X platform by Glassnode co-founder Negentropic, what's happening with Bitcoin right now isn't a narrative shift, but rather a mechanism-level "buffering." ETFs are currently maintaining net profits, and the cost base hasn't been damaged. Although some long-term holders are selling, the Solana ETF is seeing stable inflows, and altcoins are outperforming 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 hasn't surrendered, and the trend hasn't been broken. When the decline finally exhausts, the rebound could be much larger than the previous drop.