Foreign media believes that Zcash ( ZEC ) and Hyperliquid ( HYPE ) have recently become assets with strong performance in the crypto market, but the drivers of their rises are different. The former is more driven by ETF and privacy narratives, while the latter is related to the increased activity of trading platforms and market expectations in the United States.

ZEC upward trend is related to the spot ETF.

The article states that the upward momentum of ZEC is expected to occur after Grayscale launches the ZEC spot ETF. The text considers ETF to be an important pricing force in the current crypto market and mentions that Bitcoin and Ethereum also reached new highs in 2025 due to ETF capital inflows.

Watcher.Guru also mentioned that ZEC has once again reached $1,000, for the first time in nearly 10 years. In addition to ETF factors, the article also links its trend to the demand for privacy coins, suggesting that against the backdrop of enhanced monitoring, some users are more inclined to choose encrypted assets with privacy features.

HYPE Driven by platform activity

In contrast, the rise of HYPE is more due to the trading activity on the Hyperliquid platform itself. The article mentions that earlier this year, some traders flocked to Hyperliquid to trade crude oil futures. The platform offers 24-hour, seven-day-a-week trading, which is considered to have increased its attractiveness to users.

The article also mentions that the latest round of increase in HYPE occurred after Trump held an encryption event at the White House. According to the text, Trump stated at that time that the Chairman of the Commodity Futures Trading Commission of the United States, Michael S, Selig, was advancing the launch of Hyperliquid in the United States.

The upward trends of these two types of assets follow different logics.

The article argues that although both ZEC and HYPE have recorded strong performances, the underlying market logic behind them is not consistent. ZEC is more driven by ETF and privacy concerns, whereas HYPE relies more on platform transaction activity and expectations for business expansion in the United States.

From the article's description, both narratives are still based on the premise of sustained market confidence. As a result, foreign media regard them as strong assets worth paying attention to in the crypto market in 2026, but they do not provide more on-chain data or details about capital flows.