A renowned market watcher in the cryptocurrency space, J.A Maartunn, has made a bold suggestion as it concerns Zcash’s influence on Bitcoin (BTC). In an update shared with the broader crypto community, the analyst claimed that Zcash’s rallies often coincided with a decline in the price of Bitcoin.
Zcash price up 750% amid demand for privacy coins
“Every time ZEC spikes, BTC bleeds like clockwork,” Maartunn wrote.
He is implying that Zcash (ZEC) and Bitcoin are negatively correlated, possibly because traders rotate funds from BTC into ZEC. That is, during times of market volatility and speculative trading, investors likely move funds from Bitcoin to Zcash.
According to Maartunn, this pattern of capital movement has consistently repeated itself over time and has become very predictable.
Interestingly, the Zcash price, which was trading at less than $50 at the beginning of September 2025, surged by over 750% within the last two months. Some speculate that the spike might have been triggered by increased demand for privacy coins as a result of regulatory scrutiny on traceable assets.
From less than $50 in September, the coin is trading above $400. As of this writing, Zcash is changing hands at $422.31, which represents a 16.49% increase in the last 24 hours.
The asset climbed from a daily low of $358.83 to a peak of $445.15 amid a bullish rally before it settled at the current price. Its trading volume has also registered an uptick of 2.46% to $1.37 billion as shielded supply hit 4.5 million ZEC. This represents about 28% of the privacy coin’s total supply.
Comparatively, Bitcoin only managed 0.46% growth within the same time period, lending support to Maartunn’s suggestions about negative correlation.
Bitcoin struggles to regain momentum above $120,000
Maartunn’s suggestions have sparked a reaction among some investors in the Bitcoin space. A user, Simonwins, asked when the Zcash pump will end. He is likely concerned about the seeming stagnation of Bitcoin in October.
Notably, since Oct. 6, after Bitcoin hit an all-time high (ATH) of $126,198.07, the coin has struggled to retest $120,000. It only traded above this level for about four days before plunging to the $110,000 to $115,000 range.
The broader market liquidation caused a massive dip for the flagship crypto asset as it tumbled to a low of around $105,000.
However, Bitcoin is recovering and currently exchanges at $109,928.37, representing a 0.16% increase in the last 24 hours. Its trading volume remains in the red zone, down by 31.69% to $43.67 billion.