The cryptocurrency market is sliding sharply, with Bitcoin, Ethereum and top altcoins dropping after a wave of liquidations. Bitcoin is trading near $85,758, down more than 6% for the week. Ethereum has dropped to $2,810, while Solana, BNB and XRP are also struggling.
This pullback comes at a time when traders are already preparing for 2026, a year many analysts expect to be shaped by new narratives, changing liquidity and rising interest in privacy technology.
Former BitMEX CEO Arthur Hayes says crypto trends move in clear yearly themes. 2025 was shaped by AI tokens and stablecoin growth, but 2026 will be defined by privacy. Hayes said this shift could bring fresh attention to privacy-focused cryptocurrencies and the technologies behind them.
A Strong Case for Privacy Tokens
Hayes specifically mentioned Zcash as a major beneficiary of this upcoming trend. He said that the demand for stronger on-chain privacy is likely to grow, especially as global regulations tighten and more traditional players enter crypto.
He also mentioned Monero and other long-standing privacy coins, saying these assets could see interest if users begin prioritizing anonymity, secure transfers, and protection from on-chain surveillance.
Zero-Knowledge Proofs Take Center Stage
Beyond existing privacy coins, Hayes said the biggest winner of the next one to two years will be a project building with zero-knowledge (ZK) technology.
Zero-knowledge proofs allow users to prove something is true without revealing any underlying data. This technology is becoming important for scaling blockchains, building private transactions, and improving security.
Hayes admitted he does not yet have a “perfect mental model” of which ZK project might dominate, but he is confident the sector will produce a standout winner just as other themes did in earlier cycles.
Maelstrom’s New Focus: Finding the Next Big ZK Protocol
Hayes explained that his investment firm, Maelstrom, is shifting its research and portfolio strategy towards the ZK ecosystem throughout the next year.
He compared this search to how Ethena, another successful bet, shaped their portfolio from 2024 up to the present. Now the team aims to identify a similar high-performing project for the period from 2026 to 2028.
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