Zcash Falls 13% to $1,025 as Grayscale Fund Drops About 12%
Key Facts
Zcash, known by the ticker ZEC, fell about 13% during trading on Nov. 10 to around $1,025, nearing a two-month low, according to a report published by The Block. In the same session, shares of Grayscale’s fund linked to the coin, ZCSH, fell about 12% to $27.25, also nearing a low for the same period. Both moves coincided with the fund recording net outflows in the past two months. The Block reported that net outflows exceeded $15 million in November through the report date, excluding figures for that Tuesday. The flows place the coin and fund’s performance in the same context, without establishing that withdrawals directly caused the price decline.
Figures cited by The Block show the fund recorded net outflows of $46.25 million in October 2026. In November, outflows exceeded $15 million before Tuesday’s figures were included, according to the report published on Nov. 10. The monthly comparison indicates continued net outflows in the following month, but does not establish November’s final total. ZEC and ZCSH’s moves in the session reflected simultaneous declines in the coin’s price and the shares of the related investment vehicle. The published figures alone do not link the direction of flows and the price move causally.
According to daily closing data provided by EL7, ZEC/USD closed at $1,044.95 on Nov. 10, compared with a close of $1,163.94 on Nov. 9. The daily close differs from the price near $1,025 cited by The Block during trading on Nov. 10, as the two figures refer to different times in the session. The closing data provide a comparison between two consecutive days, while The Block’s figure describes the coin’s level during trading. These readings confirm the price decline in the session, alongside the fall in ZCSH shares. The Block’s report also identified $1,025 as near the coin’s two-month low.
As part of its support for the network, Grayscale said it intends to reinvest 100% of the sponsorship fees it receives from ZCSH for up to the fund’s first year as an exchange-traded product. The company said the initiative aims to support Zcash development, marketing and education. Grayscale described the commitment as voluntary and said it retains the option to change or discontinue it. On its Zcash Invest page, the company said revenue available for reinvestment stood at $3.2 million on Oct. 31, 2026. The announcement sets out plans to support the network alongside the fund’s outflows, while the flows recorded in October and November remain separate figures from that commitment.
The company’s announced initiatives include a $1 million grant to support the Zcash ecosystem, as well as a promotional campaign for the product, according to Grayscale’s announcement published on Nov. 10. This came as ZEC and ZCSH shares were falling in the market during the same session. The company said in its materials that ZCSH began as a private placement in 2017, began trading on OTC markets in 2021, and was listed on the NYSE Arca on Aug. 25, 2026. This sequence provides background on the fund’s path to its exchange listing this year. The market moves on Nov. 10 remained concurrent with the company’s announcement and the outflows cited in The Block’s report.
Grayscale said the number of monthly active developers on Zcash nearly doubled in the two years before its report, published on Nov. 10. It added that this growth came as cryptocurrency developer numbers overall declined from their peaks. According to company data as of Nov. 2, 2026, about 70% of active Zcash developers had more than one year of experience developing cryptocurrencies, compared with 58% across the sector. These figures provide background on the developer base that the company says has expanded, alongside its plans to fund development and education. They are separate from the performance of the coin and fund in the Nov. 10 session.
The network activated the NU7 upgrade on mainnet on Nov. 5, 2026, at block number 3,543,405, according to The Block. The upgrade cut the target interval between blocks from 75 seconds to 25 seconds, while reducing block rewards at the same rate to keep the rate of new ZEC issuance largely unchanged. The "Network Sustainability Mechanism" also directs 60% of transaction fees in each block to a general reserve. The fees are scheduled to begin being reissued gradually through block rewards in 2031. These changes provide technical context close in time to the session’s decline, while the market report did not link them to the price drop on Nov. 10.