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ZEC Zcash (ZEC) surged about 19% on Thursday, forcing the unwinding of leveraged positions worth $56 million after Paradigm disclosed holding the privacy token
summary of highlights
Zcash rose about 19% in 24 hours, far outperforming Bitcoin and Ethereum. Paradigm co-founder Matt Huang said the company holds ZEC and calls it a "private supplement" to Bitcoin. The crypto market as a whole suffered a loss of $345 million, with short traders taking on a loss of $208 million.
Zcash leads Bitcoin and Ethereum in gains
According to market data, Zcash trading prices were close to US$1,486 on Thursday night, up about 19% from the previous day. Earlier in the session, it had gained more than 17%, hitting a high of nearly $1,358, significantly outperforming other large assets. This rise pushed Zcash's market value to exceed US$25 billion, ranking among the top ten cryptocurrencies in the world.
In contrast, Bitcoin (BTC) only rose slightly by about 1% to above US$76,400; Ethereum (ETH) and BNB rose by about 2%, respectively. XRP's gains were in line with Bitcoin, Solana and Hyperliquid each rose about 3%, while Tron remained flat.
In the past 24 hours, a total of 86,816 traders in the global crypto market suffered forced liquidations, with a total loss of US$345 million, of which the largest single open position was a US$18 million Bitcoin position. Judging from the long and short distribution, short losses accounted for US$208 million, and long losses were US$137 million. Ethereum became the most damaged asset, losing nearly $89 million, followed by Bitcoin ($85 million) and Zcash ($56 million).
Matt Huang将Zcash定位为比特币的互补资产
加密投资公司Paradigm的联合创始人Matt Huang于周三透露，该公司持有ZEC并支持“Zcash开放开发实验室”（Zcash Open Development Lab）。他将Zcash称为“比特币的私有化补充”。
Huang还为该网络通过通胀资助开发者基金的做法进行了辩护。他指出，随着人工智能驱动的网络攻击能力以及量子计算技术的进步，长期资金保障至关重要。他在文中写道，纯粹的代币投票机制会增加不可预测性，可能限制Zcash作为货币资产的长期信任度，因此建议该项目将其与其他形式的治理机制相结合。他的发言紧随NU7升级提案的社区投票结果之后，在该投票中，99.9%的参与者支持将目标区块时间从75秒缩短至25秒。
隐私币延续长达一个月的强劲走势
Paradigm在该生态系统中的持仓并非秘密。早在今年3月，相关开发实验室便从包括a16z Crypto、Coinbase Ventures和Winklevoss Capital在内的支持者那里筹集了超过2,500万美元。此外，随着美联储将利率上调25个基点至3.75%-4%区间——这是自2023年以来的首次加息，更广泛的市场情绪也随之走强。
周四的上涨使得Zcash在过去一个月内累计涨幅达到约160%，而同期比特币的涨幅仅为18.2%。9月4日，Zcash首次突破1,000美元大关，创下近十年来的新高，此前其起步价约为500美元。目前，隐私币板块整体价格比比特币2025年10月高点时高出213%；若剔除Zcash，其他隐私币篮子在过去一年中也获得了约85%的收益。
