Something interesting happened with Zcash. Last week, ZEC nearly surged 30% and reached $543, which is over 110% in 30 days. The volume also exceeded $1.3 billion, and as a result, approximately $62 million in futures liquidations were triggered — mostly from short positions. By the way, this is the second-highest liquidation after Bitcoin.

When I looked into what’s behind this, a major crypto fund called Multicoin Capital recently accumulated a significant ZEC position. The fund’s partner claims that Zcash’s private transactions provide protection against government asset taxation efforts. He mentions California’s proposed wealth tax — something like a 5% tax on individuals with a net worth over $1 billion. Since transactions are visible on Bitcoin, the government can track them, but ZEC’s encrypted pool can hide this.

Looking at blockchain data, about 30% of the circulating ZEC is now held in private addresses. This is a record high — just around 8% at the beginning of last year. Public transactions still stay steady at around 8,500 per day, but the real activity is happening in the encrypted pool. This suggests that the price movement is not just speculation but more aligned with genuine adoption.

Currently, the price is trading at $569, still below the 2025 year-end peak of around $750. The next resistance seems to be in the $600–650 range. The key thing to watch is whether the private pool continues to expand with this rally — if it does, it could indicate a real trend.