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The Rivemont Crypto Fund took a position in Zcash at an opportune moment last week, capitalizing on the breakout above a local resistance level to deploy its liquidity. This decision has proven to be very positive so far, with returns exceeding 20%.
Bitcoin is currently trading above the $80,000 level after rebounding from the pullback triggered by recent employment data. Market structure has strengthened, notably due to ETF-driven demand and declining exchange reserves, which are helping establish a more solid price floor.
Market data shows increasing buying activity across both spot and derivatives markets. However, this trend is accompanied by rising leverage and funding skewed toward the short side, indicating that many participants are still hedging rather than fully embracing the rally. In other words, while interest in Bitcoin is growing, conviction remains mixed.
An interesting contrast is emerging with other high-end risk assets, such as the luxury watch market, which is showing signs of recovery. This suggests a gradual return of risk appetite among affluent investors. The next move will largely depend on upcoming economic data, particularly inflation, and whether the market can shift from a cautious stance to a more risk-on approach.
Several technical indicators suggest the market has re-entered an expansion phase, with momentum strengthening significantly and remaining, for now, under the control of buyers. As long as this momentum holds above key levels, the bias remains clearly bullish.
From a liquidity perspective, signals are also encouraging. The return of stablecoins to exchanges indicates that fresh capital is ready to be deployed. Historically, this type of setup has often preceded strong rebounds, suggesting the market may have the fuel needed to sustain another upward move.
At the same time, Bitcoin network activity is accelerating sharply. Transaction counts, active addresses, and fee volumes are all increasing, reflecting renewed interest and stronger network usage. This kind of on-chain activity is typically associated with periods of growing confidence and expanding markets.
Finally, so-called “real demand” appears to be returning. Data shows more aggressive buying behavior in the spot market, pointing to accumulation rather than short-term speculation. When this type of activity persists, it often supports more durable and sustained uptrends.
Zcash, a privacy-focused cryptocurrency, is ramping up efforts to protect itself against the risks posed by quantum computing. The project plans to launch quantum-resistant wallets in the near future, aiming to achieve full post-quantum status within roughly 12 to 18 months. This strategy is designed to position Zcash among the first major cryptocurrencies to anticipate a major technological shift in security.
At the same time, the team aims to significantly improve network performance, targeting throughput levels comparable to traditional payment networks. This effort reflects a broader ambition to make Zcash more competitive as a private payment solution, addressing perceived limitations in existing cryptocurrencies.
On the market side, the asset has seen strong gains recently, supported in part by institutional interest. The announcement of a major investment by a well-known fund has renewed attention on the project, with some viewing it as a return to the original cypherpunk ethos. Meanwhile, technical improvements—such as integrations enabling cross-chain functionality—are enhancing accessibility and driving increased adoption of its privacy features, which have reached record levels.
These developments are unfolding amid growing concerns about a potential “Q-Day,” when quantum computers could break current cryptographic systems. While the timing remains uncertain, some experts believe it could occur within the next decade. In this context, Zcash is not alone in preparing, but it is clearly aiming to stay ahead by adapting its protocol and remaining ready to implement major changes if necessary.
The Alpenglow upgrade, aimed at significantly improving the speed of the Solana network, is reaching a key stage ahead of its full deployment. The protocol is now being tested in a community-driven environment involving independent validators, allowing for evaluation under more realistic conditions. This phase represents one of the final steps before a potential mainnet launch.
Until now, Alpenglow had primarily been tested internally. Opening testing to external operators marks an important milestone, particularly for assessing the transition from the current consensus mechanism to the new one. Early results are promising, with a dramatic reduction in transaction finality times, which could significantly enhance user experience and application performance on Solana.
This upgrade is part of a broader overhaul of the network’s validation system, aimed at bringing performance closer to that of traditional financial infrastructure. The goal is to enable platforms to process transactions and confirm deposits much faster, reducing the delays that still exist today.
If testing continues smoothly, the mainnet rollout could take place later this year, potentially between the third and fourth quarters. The upgrade is being closely watched by investors, some of whom believe it could help revive the momentum of the SOL token, which has recently gained but remains well below its previous all-time highs.
After a brief pause in its buying activity, Strategy resumed accumulating Bitcoin, acquiring an additional 535 BTC for approximately $43 million at an average price slightly above $80,000 per coin. This latest purchase brings the company’s total holdings to nearly 819,000 BTC, reinforcing its position as one of the largest institutional holders of the asset. These holdings now represent tens of billions of dollars, with significant unrealized gains at current prices.
To finance these acquisitions, the company continues to rely on capital raises through equity and preferred stock issuances. These funding mechanisms allow it to secure substantial resources dedicated to its Bitcoin accumulation strategy, as part of a broader plan to raise tens of billions of dollars in the coming years.
Despite reporting a significant accounting loss in the first quarter—primarily due to fluctuations in the value of its Bitcoin holdings—management remains confident in its long-term strategy. A key component of this model is its high-yield preferred shares, which are playing an increasingly important role in funding acquisitions. The company is also considering adjustments, such as increasing dividend payment frequency, to enhance liquidity and efficiency.
Finally, Michael Saylor indicated that while the company may occasionally sell a small portion of its Bitcoin to meet certain obligations, its overall strategy remains focused on net accumulation. In other words, any potential sales would be more than offset by additional purchases, reinforcing its long-term commitment to increasing exposure to the digital asset.
Bitcoin may be on the verge of a new extended bullish phase, as a major technical signal is about to emerge. The MVRV ratio—comparing market value to realized value—is nearing a “golden cross,” a pattern historically associated with significant trend reversals. In previous cycles, such signals have often preceded strong rallies, suggesting meaningful upside potential if the pattern holds.
Recent data also points to an improving market structure. The price recovery has brought many recent investors back into profit, strengthening overall sentiment. Some indicators even suggest that Bitcoin could continue to rise in the short term before reaching overheated zones at higher price levels.
From a technical standpoint, the market is at a critical juncture. Bitcoin is currently testing key levels, particularly around major moving averages, which could either confirm a sustained bullish reversal or lead to another correction if rejected. Nevertheless, several analysts believe that the break of long-term downtrends, combined with positive signals from indicators like MACD, supports a shift in market regime.
According to Arthur Hayes, former BitMEX executive and now head of the Maelstrom fund, the Bitcoin bull market is already underway. He believes the bottom around $60,000 earlier this year marked the end of the bear phase, and that a return to the 2025 highs—around $126,000—is only a matter of time. Based on this outlook, his fund is taking maximum exposure without waiting for further confirmation.
Hayes identifies $90,000 as a key inflection point. Once this level is broken, he expects a sharp acceleration driven in part by options market dynamics, where call sellers would be forced to buy Bitcoin to hedge their positions. This mechanism could transform a gradual rise into a rapid surge in price.
The presented information is as of May 12th, 2026, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
