#ArthurHayes Calls Privacy Crypto's Next Dominant Trade


BitMEX co-founder Arthur Hayes disclosed a substantial $ZEC position held by his family office, Maelstrom, while arguing that privacy will define cryptocurrency's next major narrative. The disclosure came in a Tuesday blog post connecting privacy-focused assets to macro liquidity cycles.


Hayes framed privacy as an underpriced response to expanding state surveillance and sanctions enforcement. He stated Maelstrom built its #Zcash position during the third quarter of 2025 at what he described as excellent prices.


The stance marks a shift for Hayes, who typically centers $BTC as the primary beneficiary of macro liquidity expansion. He positioned privacy as part of the same monetary logic rather than an isolated speculation.

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January 06, 2026 at 9:18 PM
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