Bitcoin climbed to $77,472 with a 6.7 percent 24-hour gain as Pantera Capital, a $3.8 billion crypto fund, signals an institutional inflection point.
Cosmo Jiang, portfolio manager at Pantera, said smart money is entering with real fundamentals backing the move. Dan Morehead, Pantera's CEO, pointed to Bitcoin trading 43 percent below its historical trend as the core opportunity—a discount he calls "the biggest divergence in history" compared to fully-priced AI stocks.
Pantera has navigated four full market cycles over 13 years. Morehead framed Bitcoin's current 50 percent pullback from its October 2025 interim high as milder than the 85 percent drops from prior cycles. In late May, during the market downturn, Pantera increased its Bitcoin allocation to cushion downside risk.
Morehead flagged a near-term rotation trigger: once the market establishes a clear floor, Pantera may shift capital from Bitcoin into higher-risk altcoins. The firm remains long-term bullish across crypto projects.
Separately, Pantera launched an 18-asset crypto index with S&P Dow Jones Indices that excludes Bitcoin and ranks blockchain networks by protocol revenue over the prior two quarters.
The Crypto Fear & Greed Index stands at 72, marking "Greed" sentiment as price action accelerates.
