Zcash has risen more than 1,000% over roughly the past year, climbing from about $60 to approximately $1,700 before its latest pullback and stalling near $1,400. Accumulation has continued despite the volatility, with a whale receiving about 41,690 ZEC across a main wallet and transferring roughly 18,730, leaving a net balance of around 22,960 tokens worth $31.7 million. The wallet also received another 4,200 ZEC, valued at approximately $5.84 million, according to Onchain Labs. Grayscale Head of Research Zach Pandl said the rally does not necessarily indicate that ZEC has reached a valuation ceiling, noting its low starting point and potential market size. Zcash’s share of Bitcoin’s market capitalization has increased from less than 0.1% a year ago to about 1.5%. Pandl said continued strong privacy capabilities could help Zcash take further share from competing cryptocurrencies. He has also warned that artificial intelligence may create new financial-privacy risks, particularly for transparent public blockchains such as Bitcoin, whose transactions are publicly recorded and can potentially be linked to real-world identities. U.S.-listed Zcash ETFs have shown weaker momentum, recording zero net flows from September 23 to 25 before posting their largest single-day outflow on Monday, at about $8.12 million. Despite those outflows, the funds hold roughly 3.75% of Zcash’s total supply after launching only a month ago.