Bitcoin ETFs continue to generate net profits, with their cost base remaining intact, according to Negentropic, co-founder of Glassnode. Despite some long-term holders selling, Solana ETF inflows remain stable, and altcoins are outperforming Bitcoin and Ethereum. The overall market structure is stable, with strong demand for ETFs and spot trading, while the macroeconomic outlook remains neutral to bullish. Negentropic emphasized that the current situation is not a narrative shift but a mechanism-based buffering. The market has not capitulated, and the trend remains unbroken. As the decline exhausts, a significant rebound is anticipated, potentially surpassing previous drops.