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- ZCash is showing independence from Bitcoin, with recent data indicating a negative price correlation, a rare trend in the crypto market.
- Market sentiment and technicals signal further upside, supported by a sharp rise in retail interest and a bullish inverse head-and-shoulders formation for ZEC.
Privacy cryptocurrency ZCash (ZEC) has outpaced the broader crypto market with a staggering 150% rally over the past month, and is now eyeing a spot in the top 10 crypto list. While it is already trading above $600 as of press time, market experts believe that the next stop could be beyond $1,000.
Furthermore, treasury firms have begun accumulating ZEC, making it one of the top choices for corporate treasuries.
ZCash Comes on the List of Treasury Firms
Cypherpunk Technologies Inc., backed by Winklevoss Capital, has increased its Zcash (ZEC) holdings with the purchase of an additional 29,869.29 ZEC valued at roughly $18 million.
This follows the firm’s earlier acquisition of 203,775.27 ZEC, bringing its total holdings to 233,644.56 ZEC at an average entry price of $291.04 per coin, as reported by CNF.
Industry observers say the move may signal growing institutional interest in ZEC, with some analysts suggesting other firms could begin accumulating the asset as part of strategic reserves. A few have even speculated that the trend could eventually lead to a ZEC-based exchange-traded fund (ETF). Speaking on the development, Mert, CEO of Helius, said:
The Winklevoss twins have started the first ZEC DAT. I’d expect a higher mNAV and stronger buy pressure for a privacy-coin DAT because it isn’t legal to hold in many regions. An ETF is likely as well. Shielded/unshielded will act as a trojan horse for privacy at planetary scale.
The second major factor is that Zcash is demonstrating increasing price independence from Bitcoin, charting its own trajectory despite the BTC price crash. Over the past month, ZEC and Bitcoin have shown a negative correlation; when Bitcoin swings sharply, Zcash has either moved in the opposite direction or remained comparatively stable.
Two Other Factors Impacting ZEC Price
Data from DeFiLlama also supports the observed negative correlation, signaling that ZEC is increasingly driven by its own market fundamentals rather than Bitcoin price movements.
Traditionally, Bitcoin sets the tone for broader altcoin trends, but Zcash appears to be diverging from this pattern, largely due to its strong positioning around privacy-focused utility.
In a period of heightened Bitcoin volatility, maintaining a negative correlation gives ZEC a strategic advantage.
Additionally, interest in Zcash is rising across retail channels. LunarCrush data shows Bitcoin remains the most discussed asset with 17.97 million mentions, while Zcash has recorded 346,720 mentions.
However, ZEC’s year-over-year growth in discussion volume stands at +15,245%, significantly higher than Bitcoin’s +190%, indicating rapidly increasing community and retail attention.
Finally, technical indicators point to a potential breakout. Analyst Ardi noted on X that ZEC is forming an inverse head-and-shoulders pattern on the 4-hour chart, a structure typically associated with bullish reversals. If the price successfully breaks above the neckline in the $680–$700 range, the pattern signals an estimated upside target between $800 and $1,000.