Pantera Capital notes Bitcoin positioning shifts from short to long after 10-month consolidation

Bitcoin spent the better part of a year going sideways (and mostly down). Now, according to one of crypto’s largest investment firms, the tide is turning. Pantera Capital portfolio manager Cosmo Jiang said in an August 21 interview that traders and funds are actively rotating from net short positions, or sitting on the sidelines entirely, to building long exposure. The catalyst: Bitcoin’s decisive break above its 200-day moving average near $69K, following a roughly 50% decline from its October 2025 peak of around $126K. The numbers behind the reversal Bitcoin rallied more than 23% in the week leading up to Jiang’s comments, closing near $77,400. Intraday prices touched above $79K at their peak. Jiang pointed to favorable US regulatory developments and announcements around increased Treasury bond buybacks as the proximate triggers. Pantera, which manages roughly $3.8B in assets, identified approximately $80K as the next meaningful resistance level. What drove the 10-month slump Bitcoin peaked near $126K in October 2025, then spent nearly ten months grinding lower. By the time Bitcoin was trading around $69K, a lot of professional capital had either gone short or simply walked away....