Arthur Hayes Puts Zcash Right Behind Bitcoin in His Portfolio

• Arthur Hayes revealed Zcash is now the second-largest liquid asset in his Maelstrom family office portfolio after Bitcoin.
• The shift highlights Hayes’ growing confidence in privacy-focused cryptocurrencies as part of his long-term investment strategy.

Zcash (ZEC) has become a hot topic again after Arthur Hayes, co-founder of BitMEX, stated that the token had surged to second place as the largest liquid asset in his family office’s portfolio, Maelstrom, just behind Bitcoin.

The trigger for this surge was none other than the aggressive price surge in recent weeks. In fact, the token was trading near $750, its highest level since 2018.

Hayes stated this on his social media account, highlighting how the ZEC price rally had changed the composition of his previously BTC-dominated portfolio. Unsurprisingly, this news immediately sparked another wave of interest in the privacy coin narrative.

ZEC Faces a Sharp Dip but Bullish Momentum Still Intact

However, despite ZEC’s recent vertical surge, its latest price has plummeted by around 10.60% in the past 24 hours and is now trading around $543.

This situation is quite nerve-wracking, especially for those who only recently entered at the peak. However, analyst Chiper X quickly calmed the situation.

According to the analyst, this decline is not a sign of weakness, but rather a healthy retracement phase to the previous demand zone.

“The long-term market structure remains bullish. Liquidity has been swept away, and the price is reacting from a key support zone,” he wrote.

$ZEC 🚨

It has been one of the strongest runners this cycle

This pullback isn’t weakness it’s a healthy retracement into previous demand after a vertical run.

HTF market structure is still bullish liquidity has been swept, and price is reacting from a key support zone.

As… pic.twitter.com/Tj1B5f5D6d

— Cipher X (@Cipher2X) November 8, 2025

He also believes that as long as the support zone on the higher time frame holds, the potential for the next wave of upside remains open.

Furthermore, the privacy narrative promoted by Zcash appears to be gaining ground. The CNF previously reported that ZEC’s surge in late October was due to the increased attention paid to Zcash’s secure wallet activity.

In fact, there was even a wild argument that Zcash could become Bitcoin’s successor due to its more confidential nature.

Zcash Doubles Down on Security and Governance Upgrades

Furthermore, Zcash’s fundamentals are equally interesting. Electric Coin Company (ECC), the team behind Zcash’s development, has released a roadmap for the last quarter of 2025. In the roadmap, they emphasize major updates to the Zashi wallet and a stronger transaction security system.

One of its flagship features is multisig Pay-to-Script-Hash support for the Keystone wallet. This is designed to increase the security of development funds and improve the ecosystem’s governance structure. This means that not only is the price rising, but the technological foundation is also being strengthened.

On the other hand, market sentiment toward privacy-focused assets is now beginning to change. After a long period in which tokens like ZEC were considered “too complicated” or vulnerable to regulatory pressure, the narrative surrounding the right to privacy is now resurfacing. And in such a climate, Zcash appears to be in a rather advantageous position.