Zcash (ZEC) has fallen about 66% from November highs to a low near $250, trimming market cap from nearly $12B to roughly $4.21B. Futures open interest dropped to $377M from over $1.38B, indicating waning derivatives demand. Competitive pressure from Ethereum — including proposed stealth addresses/ERC-5565 and layer-1 ZK plans — and Cardano’s Midnight sidechain is cited as increasing concerns. On-chain/technical analysis indicates ZEC moved from a Wyckoff accumulation/mark-up into a distribution/markdown phase, fell below key supports and EMAs, is forming a bearish pennant, and may target the next support near $200.

Price declined ~66% to ~$250 and market cap fell from nearly $12B to ~$4.21B; futures open interest fell from >$1.38B to $377M (evidence of reduced demand). The article cites rising competition from Ethereum (stealth addresses/ERC-5565 and layer‑1 ZK plans) and Cardano (Midnight sidechain). Technicals show a shift from Wyckoff accumulation/mark‑up to distribution/markdown, break below key supports and EMAs, and a bearish pennant with potential support near $200 — all factual reasons for negative sentiment and moderate market impact.