Why is ZEC’s Price Up Today? Zcash Surges on Privacy Boom, and Arthur Hayes Bull Case

Introduction

November 6, 2025 – Zcash (ZEC) is leading the crypto leaderboard today with a 28% 24-hour gain, pushing the price above $500 while Bitcoin and most altcoins trade flat-to-red. Trading volume exploded to $1.6 billion (+17% in 24h), open interest on perpetual futures hit new highs, and on-chain privacy metrics just printed multi-year records. Here’s exactly why ZEC is pumping right now.

Shielded Pool Hits 30% of Circulating Supply – Real Privacy Demand Is Here

Zcash’s fully private “shielded” pool now holds 4.9 million ZEC – 30% of total circulating supply, up from just 20% at the start of 2025. This is the highest adoption rate ever recorded.

Every ZEC moved into shielded addresses is removed from public view and effectively illiquid on transparent exchanges. That mechanical supply squeeze creates natural upward pressure – and the trend is accelerating.

Galaxy Digital’s November 4 research report highlighted this exact shift, praising Zcash’s new integration with NEAR Protocol’s intent layer. Users can now execute cross-chain shielded swaps in one click via the Zashi wallet, making private transactions as easy as using Uniswap.

Derivatives Markets Light the Fuse

Liquidity is pouring in faster than price can keep up. Hyperliquid listed ZEC perpetuals in late October. Open interest rocketed to $115 million in under 10 days.

High-leverage listings act like jet fuel for low-float coins. Shorts were heavily liquidated above $412 (23.6% Fib), triggering a cascade of liquidations that pushed the price straight to $500+.

Arthur Hayes Drops $10,000–$20,000 ZEC Price Target 

The loudest bullhorn came from none other than Arthur Hayes.

In a bombshell Coin Bureau interview released November 3, the former BitMEX CEO declared: “I think that 10% to 20% of the value of Bitcoin quite quickly is something that Zcash could achieve… that’s $10,000–$20,000 per ZEC at current BTC prices.” 

Hayes laid out a three-part thesis that’s now echoing across Crypto Twitter:

A. Trusted Setup Is Dead → Institutional Gate Unlocked

The infamous 2016 “ceremony” that scared institutions away? Eliminated years ago by Halo 2.

“The biggest credibility drag is gone. This is now clean, trustless privacy math.” – Hayes

B. Actual Usage Exploding (Not Just Theory)

Hayes personally tested Zashi + NEAR Intents and called it “Tornado Cash on steroids” that produces completely unlinkable outputs.

He revealed internal data showing shielded transactions jumping from single-digit percentages to ~30% – exactly matching on-chain numbers.

C. Halving + Supply Shock + Privacy Bid = Perfect Storm

Zcash halves in mid-November 2025 – just days away.

Combine that with shrinking liquid supply and a narrative that “true privacy is the killer app in the age of chain surveillance,” and Hayes sees 10x–20x compression in weeks, not years.

He even admitted:

“I’ve bought a lot of it… I’m still buying it. This is probably going to be one of my better trades of the cycle.”

Why This Move Could Keep Running

• Scarcity narrative hitting at the exact moment privacy adoption crosses critical mass
• Derivatives liquidity deeper than ever before
• Institutional validation from Galaxy Digital + public billionaire endorsement
• Halving countdown now inside 2 weeks

Disclaimer: This content is for informational purposes only and not investment advice. Information may not be complete or accurate. Do your own research; the authors accept no liability for losses.