Bitcoin's 50% drop this cycle is turning into an opportunity for smart money to place new bets. Pantera investor Cosmo Jiang: We’re already seeing smart money starting to flow back in, and this time the rebound is backed by fundamentals. His core logic is: Over the past 10 months, Bitcoin has been in a compressed consolidation phase. The market shifted from previous euphoria to a wait-and-see approach, with some funds even turning to shorting. However, real on-chain development hasn’t stopped. On the contrary, the Bitcoin ecosystem has seen several significant changes over the past year: stablecoins continue to expand, prediction markets are growing rapidly, the perpetual contracts market is maturing, and AI is beginning to integrate with crypto finance in new ways. The most interesting part is the disconnect between price and fundamentals. When an asset is near its all-time high, the market asks how much higher it can go. But when the price pulls back 50% from its peak, while users, capital, and applications are still growing, long-term investors see a different kind of opportunity. From a technical perspective, the $60K level has always been a key area, and the 200-day moving average is a critical point for many trend-following funds. Once the market shifts from defense to rebuilding long positions, compressed price action often leads to bigger moves. In the past, the market was trading on the question: 'Does crypto have a future?' Now, more and more people are trading on a different question: If AI, stablecoins, and on-chain finance really do become the next generation of financial infrastructure, has Bitcoin’s current price already priced in too much pessimism?