Zcash (ZEC) has dropped below $1,000, reaching $982.12 and marking its lowest level since early September. The 25.22% weekly decline is roughly three times steeper than Bitcoin's 8.49% loss and significantly exceeds Ethereum's 15.45% decline over the same period.
The broader cryptocurrency market cannot fully explain Zcash's underperformance. Monero (XMR), another major privacy coin, lost only 10.41% during the week, suggesting pressure is concentrated on Zcash itself.
ETF Outflows Accelerate
US spot Zcash ETFs experienced their largest daily outflow since October 15 on November 11, losing $14.61 million according to SoSoValue data. Money has exited the funds on six of the last nine trading days, bringing November's net outflows to $29.78 million.
Net assets in Zcash ETFs have fallen to $562.16 million, the lowest level since September 4. This reversal is sharp, coming after late October when Zcash ETFs recorded their strongest weekly inflows since mid-September.
Developer Growth Contrasts With Price Decline
Grayscale research published November 10 offers a contrasting picture of Zcash's fundamentals. The network's monthly active developer count has roughly doubled over two years, while the broader crypto developer pool shrank during the same period.
Approximately 70% of Zcash's active developers have over a year of crypto experience, compared to 58% across the industry. Grayscale suggested this developer momentum could eventually lift ZEC's valuation, though price action has moved in the opposite direction so far.
Price Levels to Watch
Traders are focused on whether Zcash can recover the $1,000 level it recently lost. A daily close above $1,000 would represent a key resistance point, with the next significant level near $1,100, the bottom of Zcash's October trading range.
ETF inflows could provide another signal of whether fund investors are willing to re-enter positions at lower prices.
