TechFlow, November 21 — Glassnode co-founder Negentropic posted on X platform stating that what's currently happening with Bitcoin is not a narrative shift, but a mechanistic "buffering." ETFs continue to maintain net gains, the cost basis remains intact. Although some long-term holders are selling, Solana ETF capital inflows remain stable, and altcoins are performing well relative to BTC and ETH. Moreover, the overall cycle structure remains healthy, ETF and spot demand are strong, and the macroeconomic environment stays largely neutral to slightly bullish. The market has not capitulated, nor has the trend broken. When the downward move eventually exhausts itself, the rebound could be significantly larger than the prior decline.
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