Bitcoin spent roughly 10 months in a tight range. After periods of compression, moves tend to be large. Positioning is now reversing: from the sidelines and even net short to a growing desire to be long. The breakout above the 200-day moving average near 69K has brought in momentum and technical funds. From a long-term perspective, digital assets sit about 50% below previous highs while fundamentals have strengthened: stablecoin adoption, prediction markets, perpetual futures, and the growing AI crossover. When fundamentals improve and prices remain discounted, the case for constructive positioning becomes clear. @cosmo_jiang @CNBCTheExchange @KellyCNBC(Pantera Capital)