@Zcash 價格ZEC

$ZEC jumps nearly 8% to $418, reclaiming the $400 zone with strong participation. Volume expansion signals renewed buyer confidence, and price action suggests momentum could extend toward the $450 region if demand sustains.

According to HyperInsight monitoring, activity among leading traders has intensified since October, with volatile market swings driving liquidations at or near breakeven and sizable unrealized losses across portfolios amid shifting risk dynamics. Notable cases in the dataset include an ETH long opened on November 7th that ultimately posted a two-month total loss of about $9.32 million, a ZEC short initiated November 20th liquidated at breakeven after a $6.25 million drawdown, and an ETH long from November 18th finishing with a net loss approaching $5.77 million after an intraday gain of $0.91 million. Current unrealized positions show thin margins in select bets: Bestie Huang Licheng holds a small ETH long with about $0.15 million in unrealized profit after a broad 70-trade drawdown; a diversified altcoin basket sits with roughly $0.59 million in unrealized losses; a BTC OG Insider Whale carries a multi-million unrealized deficit of about $47 million; and a 1kx Fund-related ENA stake is down over 1,000%. These patterns underscore the need for rigorous risk management and disciplined position sizing in crypto markets as traders navigate ongoing volatility and liquidity shifts.

Crypto traders debate whether 2025’s drawdown is a new bear market or a late-cycle reset as QE, global rate cuts, and the U.S. CLARITY Act shape the 2026 outlook.​ Summary Bitcoin slipped from key highs and broke major support as most large-cap coins posted yearly losses, while only privacy plays like Monero, Zcash and BNB stayed green.​ Macro divergence, from U.S./UK rate cuts to Japan’s hikes and renewed geopolitical risk, weighs on sentiment even as growing stablecoin supply signals latent liquidity.​ The Digital Asset Market CLARITY Act, which could split SEC/CFTC oversight and end “regulation by enforcement,” is set for Senate review in early 2026. Cryptocurrency traders and investors are questioning whether the digital asset market has entered a bear phase as 2025 draws to a close, amid ongoing price declines and speculation about potential regulatory changes and monetary policy shifts in 2026. Bitcoin traded below recent highs following the release of U.S. Consumer Price Index data and an interest rate cut from the Bank of England. The combined cryptocurrency market capitalization retreated near a key trillion-dollar threshold before recovering slightly, according to market data. Among the top 50 digital assets with a full year of price history, only privacy tokens Zcash and Monero, along with Binance’s BNB token, posted positive returns for the year, according to price data. Bitcoin declined on a year-to-date basis, while numerous other major cryptocurrencies recorded significant losses over the same period. In the fourth quarter, Bitcoin (BTC) fell below a major price level and has traded in a range beneath that threshold. The decline broke a key support level, prompting several market analysts to adopt bearish mid-term outlooks. Peter Brandt, a market analyst, forecast a potential severe decline in 2026, stating that each cryptocurrency bull run has produced diminishing returns and that previous parabolic advances have experienced substantial corrections. Brandt argued that the current parabolic advance has been violated and projected that a decline from the all-time high could bring prices to significantly lower levels. FED pivots on crypto While the United States and United Kingdom have implemented interest rate cuts, the Bank of Japan raised its rates to the highest levels in five years. The divergent monetary policies have added uncertainty to global markets, with potential implications for the yen carry trade, a strategy where traders borrow yen at low interest rates to purchase higher-yielding assets in other currencies. Global economic uncertainty, the ongoing conflict in Ukraine, and emerging tensions between the United States and Venezuela represent additional factors affecting cryptocurrency market sentiment, according to market observers. The stablecoin market capitalization has grown significantly over the past twelve months, according to market data, indicating available liquidity within the cryptocurrency ecosystem. The United States implemented several interest rate cuts in 2025, and market pricing currently anticipates another reduction, which would maintain Federal Reserve quantitative easing policies. Quantitative easing typically increases liquidity by expanding the money supply and injecting capital into the financial system. Historical data shows that periods of significant quantitative easing, including during the COVID-19 pandemic, have coincided with cryptocurrency bull runs. Industry leaders, including Binance’s founder, have expressed support for a potential supercycle thesis, suggesting that 2026 could mark the beginning of a new quantitative easing cycle. Some market participants argue that 2025 should not be characterized as a bull run due to the year’s quantitative tightening policies. The White House confirmed that the Digital Asset Market CLARITY Act will be considered by the Senate as early as January, according to an official statement. The legislation will enter the committee stage, where amendments and finalization occur before floor consideration. Early indications suggest the bill may pass, according to political observers. The CLARITY Act aims to establish clear distinctions between tokens classified as securities and those classified as commodities, dividing regulatory oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. If enacted, the legislation would provide cryptocurrency companies in the United States with a more transparent regulatory framework, replacing the current system of regulation through litigation.

Raoul Pal says Zcash’s surge still looks like short-term rotation, with the real test coming as the privacy coin tries to build a durable base after its spike.​ Summary Zcashhas been one of this year’s strongest large-cap performers but has started to give back gains after a sharp speculative rally.​ Raoul Pal argues the move still fits a capital-rotation pattern and wants to see ZEC build a stable base before treating it as a structural bull trend.​ Institutional interest is rising, with Grayscale seeking to convert its Zcash trust into a spot ETF even as price momentum shows signs of cooling. The recent surge in privacy-focused cryptocurrency Zcash (ZEC) may reflect short-term capital rotation rather than the start of a durable bull market, according to Real Vision founder and macro investor Raoul Pal. Speaking on the When Shift Happens podcast with Kevin Follonier, Pal stated that Zcash’s rally has yet to prove it represents a structural trend rather than speculative repositioning within the broader crypto market. Zcash and the broader crypto market “Do I need that asset to say I was in earliest? I don’t really,” Pal said, suggesting that recent price action alone is not enough to justify long-term conviction. Zcash has posted some of the strongest gains among major cryptocurrencies this year, though momentum has faded in recent weeks, with the token pulling back over the past month, according to market data. “We can’t prove it until the whole market goes up and it continues to trend and not a rotation,” Pal said. “Right now it’s confirming the rotation thesis.” The next key test for Zcash will be whether it can establish a stable base after its sharp move higher, Pal stated. Sustained support at lower levels would indicate that buyers are stepping in with longer-term conviction, rather than exiting after a rapid run-up. “What you want to see is whether it finds a base and then starts pulling up again,” he said. Despite the strong year-to-date performance, Pal said he is not inclined to chase the asset at current levels. “I’m not sure I’m going to chase it, but I might buy it in the next down cycle,” he added. Zcash’s rally has stood out in a broader market that has struggled to maintain upward momentum. Part of that surge followed comments from crypto entrepreneur Arthur Hayes, who said in late October that Zcash could eventually reach a much higher price, triggering a sharp short-term price reaction. Interest in privacy-focused assets has increased amid growing concerns around surveillance, censorship, and regulatory scrutiny, according to market observers. XT Exchange reported that anonymity-focused tokens were gaining renewed attention as traders reassessed the role of privacy in digital assets. Institutional interest has begun to follow. Grayscale Investments filed with the U.S. Securities and Exchange Commission to convert its Zcash trust into a spot ETF, signaling a potential pathway for broader investor exposure.