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Glassnode co-founder: Bitcoin ETF still maintains net profits, cost basis has not been damaged.
ChainCatcher news, Glassnode co-founder Negentropic stated in a post on platform X that what is happening with Bitcoin is not a narrative shift but rather 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 of funds into Solana ETFs remains stable, and altcoins are performing better compared to BTC and ETH. Moreover, the overall cycle structure remains intact, with strong demand for ETFs and Spot, and the macroeconomy is generally maintaining a neutral to bullish stance. The market has not capitulated, and the trend has not been broken. When the downward trend finally exhausts, the rebound may be much larger than the previous decline.