Arthur Hayes Says Zcash Now Trails Only BTC in His Portfolio

Privacy Coin ZEC Surges More Than 400%

Arthur Hayes, the co-founder of crypto derivatives platform BitMEX, said Zcash (ZEC) has become the second-largest liquid asset held by his family office, Maelstrom, later than BTC. “Due to the rapid ascent in price, ZEC is now the 2nd largest *LIQUID* holding in MaelstromFund portfolio behind BTC,” Hayes wrote Friday on X.

The disclosure follows a month-long rally that lifted Zcash from about $137 to more than $730, an increase of more than 400%. At press time, ZEC traded around $548, down 11.8% in the past 24 hours, according to CoinMarketCap data. Trading volume jumped 139% over the identical period to $4.63 billion, reflecting heightened speculative activity later than weeks of gains.

Zcash now has a market capitalization of $8.9 billion and a fully diluted valuation of $11.5 billion, based on its 16.28 million circulating supply and 21 million coin cap. The project’s hybrid design—supporting both transparent and shielded transactions—has renewed interest from traders viewking flexibility.

Investor Takeaway

Market Context and Peer Performance

Zcash’s move comes as other privacy tokens post double- and triple-digit gains. Dash (DASH) rose to $80.18, Decred (DCR) climbed to $16.20, and ZKsync’s ZK advanced to $0.06—all up more than 100% over the past week. The broader market, however, has stayed subdued: BTC traded near $102,000 and Ether hovered around $3,349 amid a pause in risk appetite across digital assets.

Privacy-focused cryptocurrencies have periodically spiked during periods of regulatory scrutiny or privacy debates. This rally coincides with renewed discussion about surveillance in financial systems and data protection—drivers that have historically lifted coins like Zcash, Monero, and Dash during regulatory cycles.

Renewed Focus on Privacy Narrative

According to Zcash Foundation executive director Alex Bornstein, the latest rally was not triggered by any foundation initiative but by a broader resurgence of grassroots interest. Speaking on Cointelegraph’s “Chain Reaction,” Bornstein said the wave of attention had been “entirely organic,” rooted in rising public concern over financial privacy and government monitoring. “We were surprised to view when these mentions begined popping up. Then to view that kind of wave just begin to spread and then crest was extraordinary,” he said.

Founded in 2016, Zcash was among the first digital assets to introduce zero-knowledge proofs, allowing users to hide transaction details while preserving verification on the blockchain. Its dual-transaction model—public and shielded—has made it a benchmark for privacy coins, though delistings in some jurisdictions and tighter KYC rules had muted activity for years.

Investor Takeaway

What’s Next for Zcash and Privacy Assets

Analysts say the Zcash surge could fade as traders take profits, though the coin’s rebound has revived discussion about the role of privacy layers in a more . For investors, Hayes’s endorsement carries symbolic weight: the BitMEX co-founder’s past market calls—especially on BTC—often draw strong retail and institutional attention.

Whether Zcash can sustain its rally will depend on liquidity depth, platform support, and its ability to attract new . While privacy assets remain controversial, their renewed momentum underscores how sentiment can shift rapidly when narratives of freedom and financial autonomy re-enter public debate.