Bankless co-founder David Hoffman states that ZEC is currently absorbing capital rotation from Bitcoin holders, mirroring Ethereum's market dynamics in 2021. Driven by privacy and quantum-resistance narratives, ZEC has emerged as a hedge for BTC investors, with its market cap surge fueled primarily by existing crypto wealth spillover rather than new external capital. Hoffman notes that NEAR is simultaneously capturing smart contract demand in the current cycle. He argues that BTC and ETH are unlikely to achieve another 10x return, suggesting that future innovation and growth are increasingly being captured by newer projects like Hyperliquid and Ethena, as well as traditional finance sectors.