Pantera Capital says BTC positioning is clearly shifting from short to long

Pantera Capital portfolio manager Cosmo Jiang said traders and funds are shifting their BTC positions from short to long after Bitcoin recently broke above its 200-day moving average of $69,000. Jiang said BTC fell about 50% during a 10-month correction after reaching a peak of about $126,000 in October 2025, but rebounded more than 23% over the past week, changing market sentiment. Jiang added that a friendlier U.S. regulatory environment and an expansion of U.S. Treasury buybacks of government bonds have acted as bullish catalysts, while pointing to $80,000 as the next major resistance level.