Autor: dot-traders

• The fund targets infrastructure and scalable blockchain use cases, with a focus on emerging markets.
• Market makers have reduced activity since the Oct. 10 crash, while ETF flows signal lower institutional participation.
• The raise follows HashKey’s $206 million IPO on the Hong Kong stock exchange.

Institutional capital is taking a longer view of crypto markets as short-term liquidity thins out.

That shift is reflected in the first close of a new fund by HashKey Capital, which has secured $250 million in commitments despite choppier trading conditions.

The rise highlights how large investors are repositioning after a volatile period marked by heavy liquidations, ETF outflows, and retreating market makers.

Rather than chasing near-term price moves, capital is increasingly being directed toward infrastructure, financial technology, and real-world blockchain applications with longer-run potential.

Fund strategy and scale

HashKey Capital said its fourth crypto-focused vehicle, the HashKey Fintech Multi-Strategy Fund IV, exceeded expectations at its first close and is targeting a final size of $500 million.

The fund is designed to deploy capital across multiple strategies, with a focus on core infrastructure and scalable use cases aimed at broader adoption.

According to the firm, emerging markets are expected to play a central role, as these regions are increasingly acting as testing grounds for blockchain-based financial services and applications.

Institutional conviction on the back foot

The timing of the close is notable. Crypto markets have been adjusting after a sharp sell-off earlier in October, when a major liquidation event triggered widespread deleveraging.

In a Tuesday post on X, 10x Research said many traders and market makers had reduced activity following the Oct. 10 crash, contributing to thinner liquidity.

Since early November, the 30-day moving average of net flows into US spot Bitcoin and Ether ETFs has turned negative, suggesting that capital is being redeployed or held on the sidelines as conditions tighten.

Track record and expansion

Fund IV builds on HashKey Capital’s established presence in Asia’s digital asset sector.

Since launching in 2018, the firm has grown to manage more than $1 billion in assets and has invested in over 400 projects globally.

Its first fund recorded a distributed-to-paid-in ratio of more than 10x, underlining the scale of returns achieved in earlier cycles.

The firm is headquartered in Singapore and operates across Hong Kong and Japan.

It is part of the broader HashKey Group, which was among the first in Hong Kong to secure a crypto exchange licence.

The group has also been involved in launching the city’s first spot Bitcoin and Ether ETFs, adding to its regulatory and market footprint.

The fundraise comes shortly after HashKey’s entry into public markets.

Last week, the company made its trading debut on the Stock Exchange of Hong Kong following a $206 million initial public offering.

The listing adds another layer of visibility at a time when scrutiny of crypto firms remains high and access to traditional capital markets is becoming more selective.

The post HashKey raises $250M for new crypto fund on strong investor demand appeared first on CoinJournal.

• Zcash has dropped about 6% in the past 24 hours as bulls fail to rebound above $420.
• The privacy coin led the cryptocurrency market as Bitcoin floundered.
• ZEC may benefit amid broader adoption in 2026.

Zcash price has experienced significant turbulence in the past weeks, rising to highs of $744 in November before plummeting to $313 in early December 2025.

While bulls managed to rebound to above $450, the latest downturn has it hovering around $417 as bears show conviction at the $420 mark.

Broader market pressures on privacy-focused coins, which also saw the Midnight token nosedive 25%, have ZEC at risk of further losses.

Zcash drops to $410 amid fresh losses

Zcash has recently attracted a lot of attention as the privacy-centric cryptocurrency makes a case for itself with shielded transactions.

That outlook, amid catalysts such as digital asset treasuries and exchange-traded fund filings, helped ZEC price jump to above $744 in November. 

However, the token has seen its value dip sharply to $410 in the latest trading session.

This marks a notable decline in the past month, and today’s slump moves bulls further away from the $450 mark. ZEC has dropped by about 5% in the past 24 hours.

The price breach below key support levels, such as $420, has intensified bearish pressures.

Zcash price outlook: Grayscale in 2026

Recently, Zcash briefly neared the psychological $500 level amid optimism around privacy enhancements and institutional interest. But as seen on the chart below, sellers are looking to regain control as short-term momentum fades.

While short-term bears dominate, long-term adoption in financial privacy could propel ZEC higher, contingent on market stability and innovation.

According to Grayscale, privacy is one of the key market themes to watch in 2026 and Zcash stands to play a key role amid broader crypto integration into the financial system.

Grayscale wrote in its 2026 Digital Asset Outlook: Dawn of the Institutional Era report.

“If public blockchains are going to be more deeply integrated into the financial system, they will need much more robust privacy infrastructure — and this is becoming obvious now that regulation is facilitating that integration. Potential beneficiaries from investor focus on privacy may include Zcash (ZEC), a decentralized digital currency akin to Bitcoin with privacy-preserving features.”

Bullish projections for ZEC in the next 12 months have $1,000 as the base case scenario. Bulls reclaiming this level could allow for a bullish run to $2,000.

However, the all-time highs seen in 2016 may be a major ask, particularly if broader market conditions do not offer the tailwinds required.

ZEC has seen over $588 million traded in the past 24 hours.

 

The post Zcash price outlook: ZEC falls 5% to $410 as bears tighten grip despite $1,000 bull targets appeared first on CoinJournal.