Zaye Capital Markets notes that Bitcoin is increasingly behaving as both a risk asset and a hedge against inflation, government debt, and geopolitical uncertainty, strengthening its long-term "hard asset" appeal. However, the firm believes further gains will require genuine investor demand, not just traders closing bearish positions. Institutional inflows, regulatory progress, and Treasury-market conditions could become more important than momentum alone. Bitcoin rose 1.5% to $77,406 after hitting a three-month high.