The latest rebound in cryptocurrencies may look like the start of another bull run, but market experts say investors should resist treating it like the explosive rallies of the past.

With Bitcoin hovering around US$78,000 and Ethereum near US$2,300, the market is showing signs of recovery, but not conviction.

According to Monash University Malaysia School of Business head Prof Nafis Alam, the current environment reflects a structurally different phase for digital assets, one that demands a new investment playbook.

Rather than a clear breakout or collapse, he describes the market as an “institutionally supported but fragile” ecosystem; one underpinned by strong exchange-traded funds (ETFs) inflows and shrinking exchange…