The crypto market is building up major momentum after Bitcoin surged to near the $77,500 level today. This figure reflects investors’ renewed confidence after a long stretch of quiet.

What’s notable is that this rally triggered massive portfolio liquidations for traders betting on falling prices—totaling over $530 million in just 24 hours. Bitcoin and Ethereum account for most of it, at more than $425 million. Although some people warn this may be nothing more than a price run caused by closing sell positions rather than a true breakout, sentiment in the crypto market has clearly shifted.

When it comes to standout coins, Zcash is back in the spotlight, jumping 64.80% this month. This is because Foundry Digital, a mining giant, has launched a Mining Pool for this privacy-focused coin. Within a month, Foundry captured 29.2% of the hashrate share, causing the former market leader ViaBTC to drop from 68% to just 37% immediately. This year, ZEC has delivered excellent performance, soaring 966.93% since the start of the year, indicating that institutional investors are starting to show greater interest in privacy coins.

What’s raising concerns in the crypto industry is Google’s data about the risks posed by quantum computers. However, Bernstein pointed out that the market has already adjusted: the price has already nearly halved from last year’s peak, reflecting these worries. Crypto developers still have another 3-5 years to prepare quantum-resistant systems. The real issue is migrating users to new wallets, which could take longer than many expect.

Most importantly are signals from institutions. In the past week, global Crypto ETPs saw net inflows of $1.1 billion, the second-highest level of the year. Bitcoin attracted $871 million, while Ethereum returned to net inflows of $196 million after being quiet for three weeks. These figures tell an important story: institutional investors aren’t only coming in to speculate short term—they are using ETPs as a channel to accumulate crypto assets for long-term portfolios. Better US inflation data and positive news about negotiations with อิหร่าน have encouraged investors to take on more risk. Even though spot markets remain volatile, institutional demand through ETFs is still strong and continuing to grow. The crypto market is entering a new phase, with institutional capital as the main driver.