Zcash (CRYPTO: ZEC) gained 22% over the last week after Grayscale offered a Zcash investment product for roughly nine years, citing privacy as a key part of its investment thesis. The asset manager also gave the green light to add Bitcoin (CRYPTO: BTC) to investor portfolios
Glassnode data reinforced that thesis, showing how privacy coins such as Zcash have emerged as one of crypto’s standout trades.
Hyperliquid (NASDAQ:PURR) added 11% in weekly gains as SEC approved the Innovation Exemption, a temporary order allowing tokenized stock trading on-chain for the first time.
The order requires trading on public, permissionless blockchains using auditable smart contracts, closely aligning with HYPE’s on-chain DEX model.
Crypto analyst Kevin Capital said investors seeking "life-changing gains" should include Bitcoin as their largest crypto position pushing the crypto king around 4% higher over the week.
Echoing a similar sentiment, hedge fund manager Richard Galvin sees Bitcoin and the broader cryptocurrency market may be approaching a major cyclical turning point.
He argued that depressed trading activity, tokenization and artificial intelligence could combine to drive the next expansion.
Why Crypto Is Nearing A Bottom
Speaking with Real Vision CEO Raoul Pal on Sep.17, Galvin noted crypto appears to be "at or pretty close" to a cyclical bottom in trading volumes, even if prices face another leg lower before a sustained recovery.
Galvin sees decentralized trading volume as a key cycle gauge. After surging to $500 billion in January 2025, volumes have fallen to around $130 billion-$140 billion, resembling previous crypto bottoms.
While another decline remains possible in October, November or even January, he said trying to perfectly time the bottom risks missing the larger move.
His view aligns with recent institutional calls around Bitcoin.
Galvin Vouches For Zcash, HYPE
Galvin also highlighted Zcash, arguing that financial privacy remains one of crypto’s most durable use cases.
His firm initially backed privacy assets including Monero years ago, based on the thesis that a growing BTC economy would eventually require a privacy-focused counterpart.
He believes Zcash is increasingly filling that role.
Galvin added that decentralized exchanges, lending protocols and perpetual futures platforms have already survived several brutal crypto cycles, demonstrating that blockchain infrastructure can operate cheaply and at scale.
Now, TradFi is beginning to move assets onto those rails.
“Basically, every exchange in the world either has a plan or is already moving or migrating some of its business on chain,” Galvin highlighted.
That thesis supports Hyperliquid and its role in the broader crypto market.
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