Crypto Market Sees Divergence in Performance as HYPE and ZEC Emerge as Top Performers

The cryptocurrency market has seen significant changes over the past two weeks, with some assets experiencing a sharp decline in value while others continue to rise. In an unusual phenomenon reminiscent of the A-share market's 'core asset clustering' in 2020-2021, Hyperliquid (HYPE) and Zcash (ZEC) have emerged as top performers.

The divergence in performance is attributed to various factors, including the introduction of Bitcoin ETFs, which attracted approximately $70 billion in investment between 2024 and 2025. This increased liquidity led to a change in market dynamics, with some assets struggling to maintain their value while others benefited from the influx of new capital.

According to data, Hyperliquid (HYPE) has seen its contract notional outstanding rise to $2.1 billion, with its funding rate increasing as new long positions are opened. In contrast, Zcash (ZEC) has experienced a surge in trading activity, with its shielded address balance reaching a historical high of 30%.

The market's recent behavior raises questions about the sustainability of the current trend and whether it will continue to favor certain assets over others. As the market continues to evolve, investors are left wondering what the next 'core asset' will be and how they can position themselves for success in this rapidly changing landscape.