ROLLUP: The Bull Market is On? | Zcash & NEAR | Kalshi Wash Trading | BlackRock Goes Onchain

Bull-market confirmation is spreading among cycle analysts, but leadership is shifting from Bitcoin toward revenue-generating and privacy tokens like Zcash and NEAR.

• Early bull confirmed: Analysts Michael Nadeau (TDR) and Ben Cowen flipped bullish this week, citing a confirmed golden cross, 37% of BTC supply resetting into strong hands ($56K-$92K cost basis), and STRC trading near 100 signaling deleveraged positions.
• Revenue tokens outperform blue chips: Athena (+40%), Uniswap/Ondo/Jupiter/Arbitrum (~30% each) led the week on cash-flow narratives while ETH rose only 9%; Bitcoin dominance sits at 59%.

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