Zcash 在 Paradigm 创始人披露持有 ZEC 后暴涨 20%

Zcash单日飙升20%，Paradigm联合创始人披露持仓引发市场关注

过去一天内，Zcash价格出现显著上涨。在Paradigm联合创始人Matt Huang披露该机构购买了未具名数量的ZEC后，这款专注于隐私的加密货币在24小时内涨幅约为20%。据CoinGecko的价格数据显示，此次上涨紧随其后的是长达一个月的广泛反弹行情，在此期间，Zcash的表现大幅超越了比特币。

截至周四最后一次查看时，ZEC的交易价格约为1,338美元。这一涨幅使其一个月内的累计增长率达到约160%，而同期比特币的涨幅仅为18.2%。

核心要点

• Zcash的激增源于Matt Huang披露Paradigm既是Zcash开放开发实验室（ZODL）的投资者，也是ZEC代币持有者。
• 根据CoinGecko的数据，在过去30天内，ZEC上涨了约160%，而比特币仅上涨18.2%。
• Zcash的架构利用零知识证明来支持隐蔽交易，从而隐藏地址和交易金额。
• 隐私币整体表现优于更广泛的加密市场，Glassnode的数据显示该板块相对涨幅巨大。

Paradigm的关注凸显了Zcash的链上隐私叙事

The catalyst for Zcash's latest rally was a post posted by Matt Huang on Wednesday. He revealed in the article that Paradigm is an investor in Zcash Open Development Laboratory (ZODL) and that the company owns ZEC. This update redefines ZEC's recent performance as a result of long-term ecosystem support rather than short-term trading momentum.

Zcash aims to implement covert transactions through zero-knowledge proof-that is, transfer methods in which both the sender and receiver addresses and the transaction amount are conceded. These privacy mechanisms have always been an important part of Zcash's market identity. ZEC is coming under renewed attention as traders look for assets that can escape the broader market trend.

In the same context, Huang described Zcash as a "private supplement to Bitcoin" and emphasized the importance of continued funding for development.

Agreed financing: Development models of ZODL and Zcash

The institutionalization trend of Zcash is not a new phenomenon. Earlier this year, when ZODL announced a seed round of more than $25 million, the participation of institutions such as Paradigm, a16z crypto, Coinbase Ventures and Winklevoss Capital was made public.

Huang also pointed to Zcash's inflation-based development fund, arguing that as advances in computing power pose new threats, continued support is crucial. He linked this view to the direction of network capabilities increasingly shaped by artificial intelligence, and explored the long-term impact of quantum computing.

In addition to funding issues, he also highlighted governance issues. Huang said he supports combining Zcash's token voting with other forms of governance to reduce the uncertainty faced by the network when ZEC is considered a monetary asset.

Macro background: Interest rate hikes end long-term pause, boost risky assets

The rise in ZEC is accompanied by a strengthening in the broader crypto market. At the same time, the Federal Reserve raised interest rates by 25 basis points to 3.75%-4%, the first rate hike since 2023.

While tightening policies usually put pressure on speculative assets, crypto markets tend to be more sensitive to investors 'interpretation of the future interest rate path than to their reactions to immediate changes. In this case, Zcash's rebound suggests that even with complex macro environments, token-specific catalysts-particularly factors related to institutional engagement and privacy value propositions-may still dominate.

Privacy sector momentum: Zcash stands out among larger trends

Zcash's excellent performance comes against the backdrop of a broader recovery of privacy-related assets. Glassnode data shared on the X platform shows that the level of the privacy coin sector is 213% higher than Bitcoin's October 2025 high. The same Glassnode post noted that another set of "baskets" excluding ZEC has increased by about 85% over the past year.

This comparison is significant for traders trying to distinguish "industry beta" from the demand for specific assets. If broader privacy categories are rising, ZEC will benefit from the sector downwind-however, its gains over the past month appear to be greater than the average performance of its peers, further reinforcing Huang's disclosures and Paradigm's positioning to add incremental attention and buying interest.

Zcash's technical positioning remains the core of the story. Covert transactions using zero-knowledge proof are designed to make it difficult to track addresses and amounts in normal transaction history, a key reason why private assets have repeatedly attracted supporters and regulatory scrutiny.

Previous reports have mentioned Zcash's Ironwood work and protocol changes aimed at strengthening privacy and addressing evidence-related issues, including allegations of "undetectable counterfeiting vulnerabilities." While this background does not directly explain Thursday's jump, it provides context for why Zcash tends to appeal to investors who focus on privacy projects rather than purely speculative narratives.

Looking ahead, investors may be concerned about whether Huang's disclosures will lead to continued inflows rather than short-lived reactions, and whether ZEC's momentum can be maintained in comparison with the broader privacy basket. As the Federal Reserve sets a new tone after keeping interest rates constant for a long time, traders will also be watching how macro expectations interact with the needs of the privacy sector-especially if there are more institutional disclosures or ecosystem financing signals from Zcash development partners.