Multicoin Capital Co-Founder Declares Crypto Market Has Bottomed, Names SOL, HYPE, and ZEC as Top Picks

The call is bullish, but the market is not confirming cleanly

Jain, co-founder and managing partner of Multicoin Capital, argued on a recent podcast that investor sentiment has stabilized while application adoption is rising. His read: asset prices remain disconnected from underlying fundamentals, and that gap can precede a market reversal.

That is the thesis. The tape is less clean.

FXStreet’s latest framing says the crypto market is still struggling to break out, even as sentiment improves. That matters. A bottom call without breakout confirmation is still a thesis, not a trade. The data point to watch is not the quote. It is whether liquidity follows.

For altcoin traders, the practical filter is simple:

• Does spot volume expand without immediate bid exhaustion?
• Do spreads tighten on risk assets outside BTC and ETH?
• Does leverage build in a controlled way, or does funding turn into a crowded long signal?
• Do SOL, HYPE, and ZEC outperform only on headlines, or during broader market drawdowns too?

Until those boxes start lining up, “bottomed” remains a macro view with execution risk.

SOL, HYPE, and ZEC define three different bets

Jain’s picks are not the same trade.

Solana is the infrastructure/liquidity venue bet. He pointed to Solana as suited for spot trading and security tokens, citing high throughput and low transaction costs. A separate Crypto Briefing item also reports that SBI and the Solana Foundation are partnering to develop Japan’s first on-chain financial market. That does not validate the SOL price chart by itself, but it does keep Solana in the institutional-market-structure conversation.

Hyperliquid is the derivatives bet. Jain described it as a dominant leader in on-chain derivatives, taking share from centralized competitors. That is a direct liquidity story. If the market is entering a new risk cycle, derivatives venues tend to show it early through open interest, liquidation clusters, and slippage under stress.

Zcash is the privacy bet. Jain tied ZEC to the cypherpunk privacy and decentralization theme and said it could potentially become a top-five project by market cap if regulation and adoption trends evolve in its favor. The conditional language matters. This is the highest policy-risk angle of the three. It may also be the least correlated narrative if privacy demand returns.

In plain market terms: SOL is execution infrastructure, HYPE is leverage infrastructure, ZEC is privacy optionality.

Macro relief is helping, but liquidity still decides

Another market data point in the cluster: Ethereum reportedly rose 4.4% after a cooler-than-expected CPI report boosted crypto sentiment. That supports the “sentiment improving” side of the argument. It does not prove altcoin breadth has returned.

A cooler inflation print can loosen risk appetite. But altcoins need more than macro permission. They need actual depth. Thin books can mark up fast and reverse faster. That is where slippage becomes the real tax.

The risk-reward setup is therefore uneven:

• SOL has the clearest institutional-market narrative, but also the most visible positioning risk.
• HYPE offers direct exposure to on-chain derivatives growth, but that makes it sensitive to leverage cycles.
• ZEC has asymmetric narrative potential, but depends heavily on how privacy adoption and regulatory pressure develop.

The bottom-call trade only works if improved sentiment converts into durable flows. If not, this becomes another liquidity sweep dressed as cycle analysis. The data indicate a watchlist, not a green light.