Zcash Price Plunges into Bear Market Amid Growing ETF Outflows

Zcash has entered a local bear market after its price dropped by over 22% from last month's high of $1,689 to its current value of $1,313. This decline makes Zcash the 9th largest cryptocurrency in the world.

The Grayscale ZEC ETF has experienced significant outflows in the past few days, with over $26 million leaving the fund on Friday alone. Since its inception, the ETF's cumulative inflows have jumped by $212 million, bringing its total assets under management to $751 million.

Notably, this trend diverges from other top cryptocurrencies, as Bitcoin funds have added over $150 million in assets and spot XRP funds have seen a modest increase of over $1 million. Zcash's futures open interest has also fallen, dropping to $2.5 billion from its high of over $3.4 billion last month.