Zcash has declined below $1,000 support, falling over 26% weekly, as efforts by Grayscale to support the privacy coin's ecosystem have failed to reverse selling pressure. ZEC is hovering near $980, extending losses that have erased much of its prior gains.

Grayscale's recent $1 million commitment to Zcash development, including the launch of its Zcash ETF (ZCSH) and nationwide marketing campaign in The Wall Street Journal, has not stabilized demand. The ZCSH ETF recorded $46.25 million in outflows during October, with an additional $30 million leaving the fund through November 11.

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