[Glassnode Co-Founder: Overall Cycle Structure Remains Intact, Bitcoin ETFs Still Net Positive with Unaffected Cost Basis] Odaily Planet Daily News – Glassnode co-founder Negentropic posted on the X platform, pointing out that what is happening with Bitcoin now is not a narrative shift but rather a mechanical 'buffer.' Currently, ETFs remain net positive, and the cost basis has not been damaged. Although some long-term holders are selling, Solana ETF inflows remain stable, and altcoins are performing better relative to BTC and ETH. Moreover, the overall cycle structure remains intact, ETF and spot demand are strong, and the macroeconomic outlook is generally neutral to slightly bullish. The market has not capitulated, and the trend has not been broken. When the downtrend eventually exhausts, the rebound could be significantly larger than the previous decline.