BitMEX co-founder Arthur Hayes disclosed on November 7, 2025, that Zcash now represents his family office's second-largest liquid position behind Bitcoin. Hayes attributed the portfolio shift to ZEC's rapid price appreciation rather than active reallocation. By early November 9, the token traded in the mid-$600s while Bitcoin hovered around $105,000.

Bitcoin stabilized above $103,500 on Wednesday after briefly dropping below $104,000 the previous day. Maelstrom CIO Arthur Hayes maintains the bull cycle remains active despite a 27% decline over the past month. He cited potential Federal Reserve liquidity measures as a catalyst for renewed upside, though acknowledged uncertainty around timing given the ongoing US government shutdown.

Bitcoin dropped approximately 4.4% to around $107,000 on November 3, triggering over $1.16 billion in long liquidations. A wallet dormant for nearly 14 years transferred 10,000 BTC originally acquired at $1.54 per coin, with the holder believed to have sold the entire amount for roughly $1 billion. Analysts are now monitoring whether Bitcoin can maintain weekly support near $103,000.