Zcash surges 17% as privacy coins catch a bid; UBS and Jane Street hold $75M in Hyperliquid ETFs

The clearest story today was in privacy coins. Zcash jumped 17.4% and Monero gained 2.58% — both moving together in a pattern that suggests capital rotating into assets designed to obscure transaction trails. No specific news event triggered the Zcash move, but the broader context is a persistent undercurrent of concern about blockchain surveillance and regulatory monitoring of on-chain activity. When that concern flares, privacy-focused assets tend to catch a bid simultaneously, which is what happened here. Beyond privacy coins, the session had a broadly constructive tone. Solana rose 3.8%, Dogecoin gained 4.35%, and Hyperliquid climbed 3.5% — the last of those supported by a concrete institutional catalyst: UBS and Jane Street disclosed a combined $75 million in Hyperliquid ETF holdings, a meaningful signal that traditional finance firms are building exposure to on-chain derivatives infrastructure, not just Bitcoin and Ethereum. Bitcoin itself was quiet, gaining just 0.45% to $79,980. With BTC dominance at 59.23% and the Fear & Greed index at 73 (Greed territory), the market's overall mood was positive but the day's energy was in smaller assets rather than the flagship. Ethereum added 1.79%, in line with the broader altcoin tone.

• –A Bank of Korea study found that dollar-backed stablecoins can suppress local currency values, raising the prospect of tighter sovereign restrictions on stablecoin adoption in markets outside the US.
• –Tether-backed exchange Orionx is shutting down after an audit identified a $7 million gap in customer custody holdings, adding to scrutiny of crypto custodial practices.
• –Poland's legislature upheld a presidential veto on a crypto regulatory bill while the Zondacrypto exchange scandal continued to widen, leaving the country's regulatory framework unresolved.