Arthur Hayes, co-founder of BitMEX, has revealed that Zcash (ZEC) is now the second-largest liquid holding in his family office, Maelstrom, trailing only Bitcoin. According to his post on X, the shift follows a rapid run-up in ZEC’s market value that has moved the coin back into the conversation among big investors.Hayes Names Zcash Second Biggest AssetBased on reports, Zcash has risen dramatically since September, gaining more than 700% over that span and hitting intraday highs above $700 earlier this month.That surge pushed ZEC back into the top 20 coins by market capitalization, with several outlets placing its market cap in the roughly $9 billion to $11 billion range as trading volumes spiked.The price moves are being linked to renewed interest in privacy features and a wave of retail and speculative flows.Due to the rapid ascent in price, $ZEC is now the 2nd largest *LIQUID* holding in @MaelstromFund portfolio behind $BTC.— Arthur Hayes (@CryptoHayes) November 7, 2025Bold Targets Spark AttentionReports have noted that Hayes has floated an aggressive long-term target for ZEC — $10,000 — a figure that grabbed headlines and helped fuel further buying.He described ZEC as Maelstrom’s second-largest liquid holding, though he stopped short of listing the exact dollar amount or the percentage of the portfolio represented.That detail has left observers guessing about how big a stake Maelstrom actually holds.in a Friday post on X, Hayes wrote:“Due to the rapid ascent in price, ZEC is now the second largest *LIQUID* holding in MaelstromFund portfolio behind BTC.”Privacy Coins Draw Renewed AttentionAnalysts and market commentaries say the rally has put a spotlight back on privacy coins, with Zcash’s shielded-transaction options often cited as a core technical feature behind the token’s narrative.At the same time, privacy tokens carry an extra layer of regulatory risk in some jurisdictions, and some exchanges or services have in the past tightened access to such assets. That mix of promise and caution is part of why ZEC’s jump is drawing close scrutiny.Supply Events And On-Chain ActivityTraders will be watching several concrete things: on-chain metrics for shielded versus transparent transfers, exchange flows and whether large holders move coins, and the effect of a scheduled Zcash supply change expected in mid-November that will cut miner rewards — an event some traders say could tighten available supply.Volatility has been extreme; one day’s gain can be followed by sharp losses, and liquidity can ebb when prices move quickly.This disclosure from a high-profile investor puts Zcash back in the headlines and could draw more capital into privacy tokens.Featured image from Pexels, chart from TradingView