Pantera Capital has observed a notable increase in Bitcoin transactions from profit-takers to new buyers, indicating a strategic market rotation. The firm, under the leadership of Cosmo Jiang and Dan Morehead, is pivoting its focus towards digital asset treasury (DAT) companies. Pantera believes these companies can offer superior returns compared to direct cryptocurrency holdings or ETFs. This strategic shift is part of Pantera's broader investment approach in the crypto sector and mirrors historical patterns observed during Bitcoin halving cycles. The move is expected to influence crypto-fund management strategies significantly, as experts suggest it could reshape how funds are allocated within the industry.