CoinDesk 20 performance update: Index jumps 2.5%, continuing higher

Zcash surged 30% to $543 Tuesday after Multicoin Capital disclosed a major ZEC position, triggering $62 million in futures liquidations—second-highest behind Bitcoin. The privacy coin's appeal stems from growing government scrutiny of crypto holdings, with 30% of ZEC now in shielded addresses, a record level suggesting real adoption rather than speculation. ZEC trades up 1,400% year-to-date.

Morgan Stanley launches crypto trading on E*Trade with 50 basis point fees, undercutting Coinbase, Robinhood, and Schwab's 60-95 basis points. The rollout reaches 8.6 million users later this year. Morgan Stanley also pursues Bitcoin and Ethereum ETFs, custody services, and tokenized equity trading, intensifying competition in retail crypto markets dominated by Coinbase's $3.32 billion consumer revenue.

Buying bitcoin during such negative funding regimes has consistently led to strong forward returns, Head of Research Vetle Lunde said....