Zcash loses $1,000 as dormant wallets send ZEC coins to exchanges
Summary
Zcash dropped below $1,000 after traders unwound leveraged long positions, driving heavy selling across derivatives and spot markets. Kairos Research found that position closures—not forced liquidations or ETF redemptions—were the main trigger. Exchange deposits later increased, including funds from dormant wallets, potentially adding future selling pressure. Grayscale’s Zcash ETF has seen nearly $30 million in withdrawals over two weeks, though the firm remains bullish on Zcash’s privacy features, developer growth and recent network upgrade. ZEC was trading near $965 on Nov. 12.
