Bitcoin ETFs continue to maintain net gains with their cost base intact, according to Glassnode co-founder Negentropic. Despite some long-term holders selling, the market is described as a mechanical 'buffer' rather than experiencing a narrative shift. Solana ETF inflows remain stable, and altcoins are currently outperforming Bitcoin and Ethereum. The overall market cycle is supported by strong ETF and spot demand, with a macroeconomic environment that is neutral to bullish.