Zcash Rally Could Be Short-Lived, Warns Real Vision CEO

Highlights:

• Zcash has soared more than 600% this year, but the massive drop in the past 30 days raises concerns over sustainability.
• Raoul Pal warns the Zcash rally looks like a rotation, not a confirmed long-term trend.
• Institutional interest grows as Grayscale files Zcash ETF request after sharp price surge.

Zcash has posted one of the strongest price rallies among major cryptocurrencies this year. The privacy-focused token is trading at $427.43, showing a 665%% gain since January 1, as per CoinMarketCap data. This performance has placed Zcash among the top-performing assets of the year. Even with the sharp rise, recent price movement shows signs of weakness. Over the past 30 days, Zcash has dropped by nearly 32%. This decline has led to doubts about whether the rally can continue or if the peak has already passed.

Raoul Pal Cautions on Zcash Rally, Urges Patience Before Further Gains

Raoul Pal, founder of Real Vision and a macro investor, raised concerns during an interview on the When Shift Happens podcast. Speaking with Kevin Follonier in an episode released Thursday, Pal said the rally may not point to a long-term trend. Pal explained that strong price action on its own does not confirm a full market shift. He said it cannot be proven unless the wider market moves higher and the trend continues, instead of acting like a rotation. He added that recent price behavior appears to support the rotation view.

He also said Zcash needs time to settle before further gains can be trusted. According to Pal, the key is whether the token can form a base and then move higher again. Without a clear floor, he warned that price moves can reverse quickly. Pal also shared his view on buying Zcash. He said he is not looking to chase the current move but may consider buying during the next market down cycle. His remarks showed caution rather than urgency.

Zcash continued to post gains even as the broader crypto market faced pressure. Its market capitalization rose from under $1 billion in August to more than $7 billion by early November. This growth took place while prices across much of the market were moving lower. The sharp move caught the attention of traders and analysts. Pal also questioned the need to rush into such rallies. He said there is little reason to buy just to say he was early. His remarks pointed toward patience rather than pressure to time the market.

Zcash Surges After Hayes Remarks Amid Rising Institutional Interest

A sharp price jump followed remarks from crypto entrepreneur Arthur Hayes. On October 26, Zcash climbed 30% within 24 hours after Hayes said the token could one day reach $10,000. His comment sparked strong trading activity in the market.

Vibe check $ZEC to $10k pic.twitter.com/tBc0WaxzZ1

— Arthur Hayes (@CryptoHayes) October 26, 2025

Institutional interest also picked up around the same time. Reports on November 27 said Grayscale Investments filed with the US Securities and Exchange Commission. The filing sought approval to convert its Zcash fund into a spot ETF. This step followed Grayscale’s earlier expansion into products linked to Bitcoin, Ether, Dogecoin, and XRP. The filing pointed to rising institutional attention on Zcash during its price rally.

Interest in privacy-focused cryptocurrencies has risen in recent months. XT Exchange said on November 9 that market participants are paying more attention to tokens linked to anonymity. This shift helped bring Zcash into the spotlight. Even so, price stability remains the key issue.