Arthur Hayes, co-founder of BitMEX, revealed that Zcash (ZEC) is now the second largest liquid holding of his family office, Maelstrom, behind Bitcoin. According to his article on
Hayes Names Zcash Second Largest Asset
According to reports, Zcash has risen significantly since September, gaining more than 700% during this period and reaching intraday highs above $700 earlier this month.
This surge pushed ZEC back into the top 20 coins by market cap, with several outlets placing its market cap between $9 billion and $11 billion as trading volumes increased.
The price movements are linked to a renewed interest in privacy features and a wave of retail and speculative flows.
Due to the rapid rise in prices, $ZEC is now the 2nd biggest *LIQUID* title in @MaelströmFund wallet behind $BTC.
-Arthur Hayes (@CryptoHayes) November 7, 2025
Bold Goals Get Attention
Reports noted that Hayes had floated an aggressive long-term target for ZEC – $10,000 – a figure that made headlines and helped fuel further buying.
He described ZEC as Maelstrom’s second-largest liquid holding, although he did not specify the exact dollar amount or percentage of the portfolio represented.
This detail has left observers wondering how important Maelstrom really is.
In a Friday article on X, Hayes wrote:
“Due to the rapid price rise, ZEC is now the second largest *LIQUID* holding in the MaelstromFund portfolio behind BTC.”
Privacy Coins Attract Renewed Attention
Analysts and market commentators say the rally has brought privacy tokens back into the spotlight, with Zcash’s protected transaction options often cited as a key technical feature behind the token’s narrative.
At the same time, privacy tokens carry an additional level of regulatory risk in certain jurisdictions, and some exchanges or services have in the past restricted access to these assets. This mix of promise and caution partly explains why ZEC’s jump is under scrutiny.
Sourcing events and on-chain activity
Traders will be watching several concrete things: on-chain metrics for protected or transparent transfers, exchange flows and whether large holders are moving coins, and the effect of a planned change in Zcash supply expected in mid-November that will reduce miner rewards – an event that some traders fear could tighten available supply.
The volatility has been extreme; a one-day gain can be followed by significant losses, and liquidity can decrease when prices move quickly.
This disclosure from a high-profile investor puts Zcash back in the headlines and could attract more capital to privacy tokens.
Featured image from Pexels, chart from TradingView
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