BTC broke back above $81,000 overnight. Up 5.9% in 24 hours. ETH at $2,609, XRP up 7.3%, DOGE up 7%. Total market cap rose 5.2% to $2.86 trillion.

But the bigger story is what's leading the recovery.

Derive (DRV) is up 86% in 24 hours on $135 million volume. Firo (FIRO) added 36%. Zano (ZANO) gained 25%. ZEC is up 7.6% — and its 24-hour volume hit $1.85 billion. That's more than most top-20 coins.

ZEC's volume stands out because it's a privacy coin. Privacy narratives have been dormant for months. Now ZEC is trading more volume than PENGU ($232 million) and most DeFi tokens.

Sentiment flipped fast. Fear & Greed is at 71 — Greed — up from 57 just a few days ago when the CLARITY Act failed.

What I'm watching: is this a dead-cat bounce or a real shift? The ETF flows say institutions are coming back — $433 million net inflow yesterday. That's more than the outflows from earlier in the week.

$ZEC $DRV.ETF $FIRO

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