Pantera Capital: Why Bitcoin’s Next Leg Could Be Higher (Macro, Liquidity & Adoption) Pantera Capital: Why Bitcoin’s Next Leg Could Be Higher A quick, neutral summary of the thesis: liquidity cycles, institutional adoption, and supply constraints—plus risks and validation checkpoints. Informational only — not financial advice. Pantera’s framework blends macro liquidity, adoption curves, and on-chain supply dynamics. Key takeaways Liquidity cycle matters: Historically, looser financial conditions and risk-on sentiment support BTC flows. Institutional access: Better rails, custody, and product wrappers can deepen demand over time. Supply constraints: Halving-driven issuance and long-term holder behavior can tighten liquid supply. Contents Macr...
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