Did the Institutionalization of Bitcoin Spark Zcash’s Revival?

Zcash (ZEC) has shown significant gains in 2025, defying broader market declines. This revival is attributed primarily to the growing institutionalization of Bitcoin (BTC) and a corresponding surge in demand for privacy-focused cryptocurrencies. Search interest for Zcash hit a multi-year high in late 2025, coinciding with Grayscale's launch of its Zcash Trust, which propelled the altcoin to a 3-year high. ZEC appreciated over 500% in the preceding month and briefly overtook Monero (XMR) as the largest privacy coin by market capitalization. According to Galaxy Digital research, Bitcoin's increasing intermediation by entities like BlackRock and Fidelity has frustrated some in the crypto community, leading them to view Zcash as an "encrypted Bitcoin" that upholds the original cypherpunk principles of financial sovereignty and privacy. This cultural shift, supported by increased public concern over on-chain surveillance, has made Zcash's privacy technology feel "necessary" rather than niche.

(Source：BeInCrypto)