A 700% surge turns Zcash into the anti-ETF coin — and the loudest voice of crypto’s cypherpunk revival.
Zcash isn’t just pumping — it’s protesting. According to Galaxy Research, the explosive rally reflects a cultural divide in crypto: privacy versus regulation.
As Bitcoin morphs into a Wall Street asset — dominated by ETFs, custodians, and compliance desks — Zcash is emerging as a symbol of defiance.
“Zcash has become the anti-ETF coin — a statement asset for those who reject full financial surveillance,” — Will Owens, Galaxy Research
Supporters argue this is more than speculation. ZEC’s surge represents a return to crypto’s original ethos — privacy, autonomy, and censorship resistance.
The Zashi wallet, which streamlined shielded transactions, is widely credited for making Zcash’s advanced privacy tools usable for everyday holders.
“Zashi simplified the privacy experience,” Owens added. “As more ZEC becomes shielded, the anonymity set grows — and Zcash becomes more private.”
Not everyone’s convinced. Some analysts suspect that large holders — including prominent figures like Arthur Hayes — might be fueling the hype, offloading into retail-driven liquidity.
Others see it differently. Galaxy argues the rally reflects authentic structural demand as users rediscover Zcash’s purpose in an era of total KYC.
Whether organic or orchestrated, Zcash has undeniably captured attention — and liquidity.
Zcash’s recent listing on Hyperliquid opened a new chapter for the asset’s market dynamics. The exchange saw $115 million in open interest by late October — a clear sign of renewed institutional and speculative participation.
This liquidity injection made ZEC one of the most volatile, and most talked-about, altcoins of Q4 2025.
At the same time, improved network efficiency and rising shielded supply have created technical tailwinds. According to on-chain data, over 4.1 million ZEC now circulate in shielded pools — a historic high.
Owens describes this moment as the beginning of a “privacy re-pricing cycle.” Dash, Decred, and Railgun are now seeing correlated upticks, suggesting a broader reawakening of privacy narratives across the market.
Zcash’s 700% rise isn’t just a chart story — it’s a philosophical statement. While Bitcoin institutionalizes, privacy coins are becoming symbols of financial self-determination.
Freedom from oversight. Ownership of data. And a quiet rebellion against the growing surveillance economy.
Whether the move lasts or fades, ZEC’s rally marks one thing clearly: Crypto’s cypherpunk heart is still beating — just behind a shielded address.
Have questions or want to collaborate? Reach us at: [email protected]