ZEC -5.4% as OKX Relisting Spawns Volatility and Market Rebalancing

OKX’s decision to relist Zcash (ZEC) has triggered a sharp but short-lived rally followed by a pullback, reshaping investor sentiment for the privacy-focused cryptocurrency. On November 24, 2025, ZEC traded at $559.04, a 5.4% drop in the previous 24 hours. Over seven days, the token has fallen by 19.68%, though it still reflects a 33.93% increase over the last month and an 863.11% rise year-to-date. The relisting by OKX, a dominant exchange in the offshore market, initially pushed ZEC to a high of $601, but broader market conditions led to a reversal of that momentum.

OKX’s announcement, posted on its Chinese domain, outlined the resumption of ZEC/USDT spot trading to begin at 12:00 UTC on November 24. Deposits for ZEC had already opened, with withdrawals scheduled to follow two hours later. The exchange, which had previously delisted ZEC and other privacy coins in early 2024 due to low activity and user feedback, cited strong performance and renewed regulatory tolerance for the relisting.

Zcash, which holds the #13 position on global crypto rankings, has seen a resurgence in trading volume, with 24-hour trading reaching $1.96 billion—a 35.67% increase—highlighting renewed interest. The price had surged 12% in the 24 hours prior to the listing, fueled by anticipation of the relisting and broader momentum in the privacy coin space.

Analysts have offered mixed views on Zcash’s future. Some see it as a critical complement to Bitcoin in the evolving crypto landscape, emphasizing the importance of privacy and encrypted transactions. Others, however, caution that the token may draw institutional support away from Bitcoin at a pivotal moment for institutional adoption. Despite these debates, the Electric Coin Company’s roadmap updates and improvements in Zcash’s quantum-resistant technology have bolstered investor confidence.

Meanwhile, short-position data reveals growing unease among traders. A major short-seller, known as the “Cool-headed Whale,” reduced a ZEC short position by 2.6 million tokens on November 23, with the overall short position still reporting an unrealized loss of $4.05 million. This signals a complex market dynamic where bullish and bearish forces are vying for control.

Institutional interest in Zcash has also intensified, with figures like Naval Ravikant and the Winklevoss twins publicly supporting the token. These endorsements, alongside a broader shift in regulatory attitudes, have contributed to a more favorable environment for privacy coins. However, the recent volatility and mixed market signals indicate that the long-term trajectory of ZEC remains subject to ongoing macroeconomic and regulatory shifts.