Zcash’s privacy features have seen a dramatic uptick as users flock to shielded transactions — and the market has taken notice.
Quick snapshot
- Shielded ZEC (in Sapling and Orchard pools) climbed from about 11.25% of circulating supply in November 2024 to roughly 30.24% today — roughly 5 million ZEC out of a 21 million max supply.
- Shielded transaction share rose from roughly 14.5–19.6% (April–July 2025) to local peaks of 26.3% and 26.7% in August and October 2025.
- ZEC price saw heightened volatility in recent weeks, briefly rallying above $300 before slipping back after Bitcoin’s rejection at $70.9k on Feb. 15.
What’s driving the shift to privacy?
Starting in August 2025, the “privacy coin” narrative gained traction and peaked in popularity in October. That interest translated into more total transfers and a measurable increase in shielded activity — transactions that hide sender, receiver and amount using zero-knowledge proofs. While the percentage gains may look modest on paper, they represent a substantial number of users choosing privacy-preserving ZEC flows.
On-chain and supply context
- In June 2025 the shielded pool held about 3.2 million ZEC; by November 2025 it had risen to ~5 million and remained stable at the time of reporting.
- With Zcash’s 21 million cap, that 5 million equates to roughly 30.24% of circulating supply being held in shielded pools — a sharp rise from the ~11.25% figure a year earlier.
Price action and market structure
ZEC’s charts have been choppy. AMBCrypto highlighted defense of the $187 weekly retracement level as an important technical development. Short-term, the token popped past $300 in recent days and bulls had the potential to push toward $360. But Bitcoin weakness — evidenced by BTC’s rejection at $70.9k — applied selling pressure that pushed ZEC back below the $300 mark and the 4-hour imbalance around that area. Spot-side selling also dominated order flow, as the Spot Taker CVD indicated taker sell pressure.
What could repeat the rally?
Fundamentally, two things changed for ZEC over the past year: the 2024 halving (which altered supply dynamics) and a pronounced narrative shift toward privacy that boosted shielded usage. Those factors likely underpin the recent rally. Looking forward, broader market conditions — especially Bitcoin strength or weakness — and macro developments such as spot ETF offerings could materially influence whether ZEC can replicate past gains.
Bottom line
Zcash’s growing share of shielded supply is a clear signal that more users are leaning into on-chain privacy. That trend, combined with supply-side shifts and market momentum, helped fuel ZEC’s volatility and rallies. Still, macro crypto sentiment (led by BTC) and spot selling remain key risk factors to any sustained upside.
Disclaimer: This article is informational and not investment advice. Cryptocurrency trading is high risk — do your own research before making decisions. © 2026 AMBCrypto
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