Zcash Plunges Amid ETF Reversal and Futures Wipeout

Key Summary

Zcash's price has fallen 23% from its September peak of $1,697, with the ZEC price now hovering around $1,335. This decline is attributed to a sharp reversal in Grayscale's zcash ETF, which saw around $93 million exit in its first negative week. The ZEC price has also been affected by futures leverage, which has been wrung out, leaving the price near $1,335. Traders are now watching to see if the $1,270 to $1,300 price floor can hold.