Quick Takeaways
- Zcash fell over 35% in November, but Shielded Pool holdings hit a record 4.1 million ZEC.
- Experts say the demand for privacy is rising globally, with search trends and protocol usage surging.
- Analysts view the pullback as healthy and expect ZEC’s long-term rally to resume.
Zcash Drops Over 35%, But Experts Stay Bullish.
Zcash (ZEC) has experienced one of its most volatile months in 2025, steep more than 35% from its recent high near $750. Despite the extortionate correction, analysts state the downswing reflects normal market behavior, not a collapse in fundamentals.
Rising Shielded Pool Holdings Signal Strong Demand
Even as prices dropped, ZEC’s Shielded Pool holdings, which represent funds locked in privacy transactions, surged to over 4.1 million ZEC, up from 2.6 million in March.
This sharp increase shows investors are using Zcash for its core privacy features. “The shielded pool is literally vertical,” said Mert, CEO of Helius Labs. “Speculation is turning into stronger privacy properties in real time.”
Growing Global Focus on Financial Privacy
A recent report from a16z Crypto highlights a surge in public interest in digital privacy. Google searches for terms like crypto privacy and financial privacy reached record highs in 2025.
Meanwhile, privacy-focused protocols such as Railgun have seen rapid capital inflows, while the US Treasury recently softened its stance on privacy tools like Tornado Cash.
Omid Malekan, a Columbia Business School professor, said Zcash’s rise reflects a long-overdue shift toward valuing privacy. “Every person in crypto should be happy about this surge,” he said.
Industry Voices Reinforce Confidence
BitMEX co-founding father Arthur Hayes boosts users to self-custody their ZEC, emphasizing the importance of decentralization. Analysts consider that such advocacy from influential figures could aid in stabilizing investor sentiment and drawing long-term holders.
Analysts See Pullback as “Healthy”
Market experts describe ZEC’s correction as a mid-cycle consolidation phase rather than the end of its bull trend.
“Zcash will reach $10K, with some retracement phases, which is normal and healthy,” said investor Yoshi. Analyst Vini Barbosa added that whales realizing profits after 1,000% gains is a natural part of market rotation.
With a low inflation rate similar to Bitcoin and a growing emphasis on privacy, Zcash remains a top contender in the digital asset landscape.
Outlook: Privacy Altcoins Poise for Growth
While short-term excitability may persevere, analysts expect renewed inflows as institutional interest in concealment coins grows. Get Up Shielded Pool activity and a supportive first harmonic could help ZEC rebound crisply in the next leg of the food market cycle.