[DigitalToday reporter Chi-gyu Hwang] Privacy coin Zcash (ZEC) has fallen about 60 percent from its peak in November 2025.
Attention is focusing on a possible correlation between the downturn and Cypherpunk Technologies, a digital asset treasury (DAT) company that invests heavily in Zcash, halting additional buying after Dec. 30.
According to a recent report by The Defiant, Cypherpunk rebranded last November from biotech company Leaf Therapeutics into a Zcash-focused DAT and bought ZEC in three rounds. The last purchase was on Dec. 30, when it held about 290,000 tokens, accounting for about 1.76 percent of total ZEC supply. It has since maintained the holdings without further purchases. At the current point, ZEC is down about 26.5 percent from its average purchase price of $334, resulting in an unrealised loss valued at $25.73 million.
ZEC rose nearly 600 percent from late September to mid-November last year, topping $700, but then shifted into a downtrend and was trading at about $245 as of early February. It is the steepest price correction among the top privacy coins by market capitalisation.
Chi-gyu Hwang
delight@d-today.co.kr