Zcash Falls 60% as Treasury Buying Pauses Amid Cypherpunk Losses.

Zcash (ZEC) has fallen 60% since November, erasing its gains from late 2025. Cypherpunk Technologies, a Winklevoss-backed treasury firm, paused ZEC accumulation after its last December purchase, holding 1.76% of the total supply. At current prices, Cypherpunk's ZEC treasury position shows an unrealized loss of about $25.7 million. Other treasury firms continue to buy despite heavy paper losses.