Multicoin Capital Partner Tushar Jain: The Market Has Hit Bottom! Optimistic About SOL, HYPE, and ZEC

Coin Circle (120btc.CoM): After a long period of consolidation and emotional cleansing, has the cryptocurrency market finally reached a real turning point? Tushar Jain, managing partner and chief investment officer of the well-known crypto fund Multicoin Capital, gives a positive answer. In the latest episode of the "When Shift Happens" podcast, he delves into the current market cycle and shares the three core assets that the fund is heavily betting on in this bull market.

The Market Has Hit Bottom, Thinking Contrarily to Find Buying and Selling Points

Tushar believes that the current cryptocurrency market has hit bottom and is entering a brand new phase. His judgment is based on the fact that market sentiment is extremely pessimistic, bad news no longer leads to significant price declines, and the fundamentals of actual adoption have decoupled from price performance.

When discussing the psychological management of buying and selling timing, he shared a unique psychological framework: "When you feel like you still look like an idiot in this industry, it's time to buy; and when you think you're a genius, it's time to sell some assets." He emphasized that Multicoin focuses on long-term management and concentrated bets on the best ideas, rather than engaging in micro-trading.

Heavy Bets on the Twins: Solana and Hyperliquid Infrastructure

In terms of specific assets, Tushar first emphasized his long-term optimism for Solana (SOL). He believes that Solana's permissionless and open-source characteristics make it an ideal underlying architecture for spot trading, tokenized securities, and internet capital markets, while traditional financial (TradFi) issuers prefer its "trustworthy neutrality."

On the other hand, he is also very optimistic about the decentralized derivatives exchange Hyperliquid (HYPE). He pointed out that a large volume of derivatives trading has already shifted to this platform. According to a report released by Multicoin, based on its vertically integrated L1 and DEX advantages, HYPE's basic expected target price is $319, with about five times the potential upside. He stated that the fund holds both assets and will not become blind extremists (Maxi).

The Most Obvious Trade of 2026: Zcash Welcomes the Privacy Narrative

Surprisingly, Tushar praised the veteran privacy coin Zcash (ZEC) as "the most obvious trade of 2026." He views ZEC as "Private Bitcoin" and emphasizes that in an era where artificial intelligence (AI) and on-chain monitoring are becoming increasingly prevalent, privacy features will become crucial in the cryptocurrency space.

Regarding the recent panic caused by the Shielded Pool vulnerability incident with Zcash, Tushar revealed that the Multicoin team confirmed through on-chain data that the vulnerability had not been exploited by hackers, and instead quickly chose to accumulate more at lower prices. He emphasized that when evaluating Zcash, one should not use traditional revenue models, but rather look at whether its strong community momentum and actual use cases can bring it back to the top five by market capitalization.

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