Zcash rose 22% over the last week after Grayscale cited privacy as a key part of its investment thesis for a Zcash product it has offered for roughly nine years. The asset manager also approved adding Bitcoin to investor portfolios, while Glassnode data showed privacy coins such as Zcash among crypto’s standout trades. Hyperliquid gained 11% after the SEC (U.S. securities regulator) approved the Innovation Exemption, a temporary order permitting tokenized stock trading on-chain for the first time. The order requires public, permissionless blockchains and auditable smart contracts (self-executing blockchain code), a structure that closely resembles HYPE’s on-chain decentralized exchange model. Crypto analyst Kevin Capital said Bitcoin should represent investors’ largest crypto position, while hedge fund manager Richard Galvin said Bitcoin and the broader market may be nearing a major cyclical turning point. Galvin pointed to depressed trading activity, tokenization and artificial intelligence as potential drivers of the next expansion. In a Sep. 17 discussion with Real Vision CEO Raoul Pal, he said crypto could be at or near a cyclical bottom in trading volumes, although prices might still fall before a sustained recovery. Decentralized trading volume declined to about $130 billion-$140 billion from $500 billion in January 2025, a pattern Galvin said resembled previous crypto bottoms. He also backed Zcash’s privacy use case and said decentralized exchanges, lending protocols and perpetual futures platforms have survived several severe crypto cycles, while traditional finance is beginning to move assets onto those networks.