"The U.S. government is back to doing what it does best—printing money and handing out benefits. BTC and ZEC are about to take off!" BitMEX co-founder Arthur Hayes wrote on social media on November 10.
This statement quickly sparked intense reactions within the crypto community. Hayes also revealed that Zcash (ZEC) has become the second-largest holding in his family office, Maelstrom, after Bitcoin (BTC).
U.S. Government Shutdown Crisis Ends, Market Liquidity Expected to Improve
This optimistic outlook comes as the 40-day U.S. federal government shutdown crisis finally sees a breakthrough. The shutdown set a new record, surpassing the previous high of 35 days.
According to reports, the U.S. Senate has reached an agreement to end the federal government shutdown. A group of moderate Senate Democrats has agreed to support a funding bill to reopen the federal government.
Under the deal, Congress will provide full-year funding for the Department of Agriculture, the Department of Veterans Affairs, and Congress itself, while other agencies will receive temporary funding through January 30 of the following year.
This agreement not only allows the government to pay back wages to furloughed federal employees and restore suspended federal funding, but also calls back staff laid off during the shutdown.
Double Boost: Trump Announces "Tariff Dividend" Plan
Alongside the resolution of the shutdown crisis, Trump announced an eye-catching "Tariff Dividend" plan. He stated that every American would receive at least $2,000 as a "tariff dividend," with over 85% of U.S. adults expected to benefit, and the total payout exceeding $400 billion.
Trump posted on social media: "Anyone against tariffs is a fool! We bring in trillions of dollars a year and will soon begin paying down the massive $37 trillion debt. Every person will get at least $2,000 in dividends (excluding high earners!)."
Financial newsletter The Pomp Letter author Pomp (Anthony Pompliano) commented on the plan: "If Trump actually sends $2,000 to citizens from tariff revenue, history may look back on the panic talk of April 2025 as one of the dumbest mainstream consensuses of our generation. A $2,000 tariff dividend per person would unleash powerful liquidity into the market."
ZEC Shines, Becoming the Market’s New Focus
Driven by Arthur Hayes’s bullish call and favorable U.S. policy news, Zcash (ZEC) has surged from a low of $137 to over $730 in the past month—a gain of more than 400%.
Though ZEC was trading at $548 at the time of writing, down about 11.8% in the past 24 hours, its market cap still reached $8.9 billion. Trading activity remains robust, with 24-hour volume up 139% to $4.63 billion.
According to Gate data, on November 10, ZEC (Zcash) was quoted at $628.82, up 8.24% in 24 hours, with a high of $736.51 and a low of $377.08. The 24-hour trading volume reached $2.201 billion.
The current market cap is approximately $10.252 billion, up $781 million from the previous day. ZEC now ranks 13th among cryptocurrencies by market capitalization.
Zcash, as a privacy coin supporting both transparent and shielded transactions, offers a hybrid model that makes it more widely accepted. Like Bitcoin, it has a fixed supply of 21 million coins and is secured by a proof-of-work (PoW) mechanism.
Institutional Funds Flow Into ZEC, Heightened Long-Short Battle
Large investors are accelerating their positions in ZEC. One major investor on the Hyperliquid platform holds 45,000 ZEC, with unrealized profits exceeding $7 million.
This investor rapidly increased their position from 31,000 to 45,000 ZEC in just under 13 hours, signaling strong confidence in ZEC’s future.
Meanwhile, another address holds the largest ZEC short position on Hyperliquid, totaling 50,370.45 ZEC, currently facing an unrealized loss of $15.976 million. This tug-of-war between long and short positions is intensifying market volatility.
ZEC contract market activity has also hit new highs. Total open interest in ZEC contracts across all platforms has reached 1.7552 million coins, with a notional value of $1.088 billion—a 24-hour increase of 31.83%.
On Binance, ZEC contract open interest reached 557,300 coins, with a notional value of $349 million. In the past 24 hours, contract liquidations totaled $18.8 million, second only to BTC, ETH, and AIA, reflecting both high market participation and volatility.
Bitcoin Rebounds Strongly, Breaks Above $105,000
Following the end of the government shutdown and Trump’s "Tariff Dividend" announcement, Bitcoin’s price quickly rebounded above $105,000, shaking off last week’s bearish trend.
On November 10, Bitcoin climbed further. According to Gate Research Institute’s daily report, BTC stabilized near $103,000 before accelerating upward, reaching a stage high of $106,683.
Analysts believe Bitcoin’s current price action appears to have found its IPO pricing, with original sellers exiting and venture capital liquidity drying up, fueling market panic.
Researcher Jordi Visser noted that Bitcoin seems to have found its initial public offering (IPO) price, signaling early signs of a market bottom.
From a technical analysis perspective, the $100,300 support level remains Bitcoin’s lifeline. If buyers continue to push higher, Bitcoin could break through the immediate resistance at $104,300, rise to $111,999, and potentially climb to $117,552.
Privacy Coins Rally, ZEC Leads the Way
With ZEC’s strong performance, other privacy coins have also posted impressive gains. Dash (DASH), Decred (DCR), and ZKsync (ZK) have all risen more than 100%.
Zcash Foundation Executive Director Alex Bornstein stated that Zcash’s recent recovery is entirely organic, driven by growing public concern over government surveillance and data control.
Bornstein clarified that as a U.S.-registered nonprofit, the Zcash Foundation is "completely uninvolved" with the latest wave of attention around ZEC. "We were surprised when these mentions started appearing. Then, seeing the wave build and peak was truly extraordinary," he said.
His remarks reflect the emergence of a "powerful narrative" around digital privacy and financial autonomy.
Market Outlook: Liquidity-Driven Momentum May Continue
With the U.S. government shutdown resolved, market liquidity expectations are improving, boosting risk assets across the board. Some analysts point out that during the shutdown, ongoing fiscal borrowing without spending caused the U.S. Treasury General Account (TGA) balance to rise to $1 trillion. Coupled with Fed balance sheet reduction and the near exhaustion of the reverse repo facility (RRP), liquidity in money markets has tightened.
This process effectively drained over $700 billion in cash from the market, with a tightening effect comparable to several rate hikes. As the shutdown ends, this liquidity is expected to return to the market.
Trader Ash Crypto noted that after the last U.S. government reopening, Bitcoin surged 300%. He wrote on social media: "The last time the U.S. government reopened after a shutdown, Bitcoin kicked off a five-month rally, climbing more than 300%."
Investment Advice and Risk Warning
Although Arthur Hayes’s bullish outlook on BTC and ZEC is supported by fundamentals, investors should remain mindful of market volatility risks.
ZEC’s price has surged sharply in the short term and may face correction pressure. From a technical standpoint, ZEC’s rapid rise could lead to a pullback.
Fundamentally, however, Zcash’s position as a leading privacy coin continues to strengthen, and market attention remains high. Investors should closely monitor large holding addresses and shifts in market sentiment.
With the dual tailwinds of the government shutdown ending and the potential for large-scale stimulus, the crypto market may be poised for another rally.
Nevertheless, uncertainty persists, and investors should allocate assets prudently and manage risk strictly.
Arthur Hayes’s bullish call and the news of the U.S. government reopening have already injected strong momentum into the market, while Trump’s "Tariff Dividend" plan could provide additional fuel for crypto assets to reach new highs.
