• US spot Zcash ETFs lost $14.61 million on November 11, the largest daily outflow since October 15.
• November net Zcash ETF outflows reached $29.78 million, with money leaving on six of nine trading days.
• Zcash ETF net assets fell to $562.16 million, the lowest level since September 4.
Funds Shed $14.61 Million in a Single Session
US spot Zcash ETFs lost $14.61 million on November 11, their largest single-day withdrawal since October 15, and the exit lands with the Zcash price below the $1,000 mark it gave up earlier this week. Fund flow records show money leaving the products on six of the past nine trading days. November's net outflows now stand at $29.78 million. Net assets across the funds have slid to $562.16 million, their lowest since September 4, which means the redemption wave has erased every dollar of fund growth recorded since early September. That single heavy session accounts for nearly half of the month's tally. Composite scoring puts the strongest support beneath the market at $922.29, where four overlapping indicators meet for a perfect 100 out of 100, while the strongest resistance sits at $1,107.42, scored 96 out of 100. The current quote trades between the two lines, closer to the lower edge. Positioning inside the band looks light: funding on perpetual contracts reads 0.0054%, effectively flat, and open interest across Zcash futures stands at $559.6 million. Sentiment prints 28 out of 100 on the fear and greed index, inside bear market territory, and the short-term trend register reads down, with a relative strength reading of 35.96. A daily close through $922.29 would break the strongest floor in the structure; holding the line keeps the $1,107.42 ceiling in place.
The drawdown has cut ZEC harder than the rest of the large-cap complex. Over the past seven days the token shed roughly 25%, about triple Bitcoin's 8.49% drop and well past Ethereum's 15.45%. Monero (XMR), the other large privacy coin, lost 10.41% over the same window, which locates the pressure on Zcash itself rather than on the privacy sector or its altcoin peers.
Developers Double While the Tape Lags
The network itself tells a different story. Grayscale's research, published on November 10, finds that the number of developers active on Zcash each month has about doubled across two years, even as the industry-wide developer pool contracted. About 70% of those active developers carry more than a year of crypto experience, against 58% across the industry. The firm argued that this momentum could eventually lift ZEC's valuation; so far, the market has priced neither that growth nor the fund-level patience of late October.
In futures trading, analyst Daan Crypto Trades mapped where the next wave of forced selling would sit. In an X post, he identified a large liquidation cluster on Hyperliquid between $800 and $900, one sitting beneath the prior consolidation, a Fibonacci retracement and the daily 200MA/EMA. A dip into that pocket, he added, would put him on the hunt for long entries, aiming only for a relief bounce toward $950 to $1,000. A daily close back above $1,000 would return the token over the level it lost, and the next reference above sits around $1,100, where the October range bottomed. Traders mapping the wider set of support and resistance levels will find both marks near the top of the scored range. At the latest reading the quote stands at $987.27, about $65 above the nearest floor and $120 beneath the ceiling, a band of roughly $185 that now contains the trade.
