Zcash (ZEC) has fallen roughly 60% from its November 2025 high, extending a multi-month slide that has reversed much of the asset’s Q4 gains.
The privacy-focused coin, which was the top-performing large-cap crypto asset of 2025, began its downward trend in December, shortly after the Winklevoss-backed Zcash treasury company Cypherpunk Technologies last disclosed a ZEC purchase, its third since launching.
Cypherpunk, which launched in November as a Zcash-focused treasury company, last reported buying ZEC on Dec. 30, 2025, bringing its holdings to 290,062.67 ZEC. The spot price of Zcash has dropped over 50% since then.
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