Zcash dropped sharply on Thursday, falling to $1,115 and wiping out all price gains accumulated since September 16. The decline triggered approximately $38 million in leveraged long liquidations across the privacy coin.
ZEC traded above $1,330 late Wednesday before experiencing a steep decline just before midnight, shedding nearly $70 in just over an hour. After struggling to hold above $1,230 for several hours, the privacy coin continued sliding until hitting a recent low of $1,115, representing a 16% daily loss.
The sell-off was sharper than broader market movements. Bitcoin and other major altcoins logged losses between 3% and 7%, while rival privacy coin Monero fell about 4.5% on the day. Across the broader cryptocurrency market, nearly $900 million in positions were liquidated in the last 24 hours.
Despite Thursday's decline, ZEC has gained over 120% since the start of the year, maintaining its position among the top-performing cryptocurrencies in 2026. Long-term supporters characterize the drop as part of an established pattern where bull runs give way to periods of pressure before rebounds to new year-to-date highs.
Institutional developments continue to support sentiment around the asset. Winklevoss Asset Services, owned by Gemini co-founders Cameron and Tyler Winklevoss, submitted an SEC filing to launch a spot zcash ETF on Nasdaq under the ticker WINK, partnered with Cypherpunk Technologies. The fund proposes holding ZEC directly with a 0.25% fee.
