$ZEC rockets 30% to $543 — Multicoin Capital's privacy bet triggers $60M in short liquidations!

Zcash surged nearly 30% to $543 on Tuesday, extending its 30-day gain to over 110% and triggering roughly $62 million in futures liquidations — almost entirely from short sellers. The move ranked ZEC second only to Bitcoin in liquidation volume, catching roughly 5,000 traders on the wrong side as volume crossed $1.3 billion in a single day.

The catalyst was Multicoin Capital's disclosure that it has been accumulating a significant ZEC position since February. Partner Tushar Jain framed the thesis around state-level wealth visibility: Bitcoin's transparent ledger means governments can see and target holdings, while ZEC's shielded pool — built on zero-knowledge cryptography — hides sender, recipient, and amount by design. He pointed to California's proposed one-time 5% tax on unrealised gains above $1 billion as a preview of what's coming globally.

The structural case is gaining…