[Glassnode Co-Founder: Bitcoin ETF Maintains Net Gains, Cost Basis Unaffected] Glassnode Co-Founder Negentropic posted on the X platform, stating that Bitcoin's current market performance is not a narrative shift but rather a mechanical 'buffer.' At present, Bitcoin ETFs are still maintaining net gains, and the cost basis remains unaffected. Although some long-term holders are selling, Solana ETF inflows remain stable, and altcoins are outperforming BTC and ETH. Additionally, the overall cycle structure remains intact, with strong demand for ETFs and spot markets, while the macroeconomic environment remains neutral with a bullish bias. The market shows no signs of capitulation, and the trend remains unbroken.