2月11日消息，隐私加密货币Zcash（ZEC）在市场避险情绪升温的背景下持续走弱，本月跌幅已超过25%。1月ZEC更是大跌逾41%，延续了2026年以来的下行趋势。截至发稿，ZEC价格约为227.22美元，24小时内再度下滑4.29%。
回顾走势，ZEC曾在2025年10月逆势飙升超过440%，成为当时少数强势资产之一。尽管11月和12月波动剧烈，但最终仍小幅收涨。不过，进入2026年后，全球风险资产承压，加之Electric Coin Company（ECC）与Bootstrap分道扬镳的传闻，使市场情绪明显降温，ZEC的卖压不断累积。
值得注意的是，价格走弱的同时，链上数据却呈现出不同景象。1月初短暂回落后，ZEC在“屏蔽池”中的持有量重新上升。目前，超过500万枚ZEC存放在屏蔽地址中，约占流通量的30%。有分析指出，这意味着每天仍有真实用户进行隐私转账，即使这些交易并不以投机为目的，也显示出对隐私功能的真实需求。
矿工端同样释放出信号。2月初，Zcash挖矿难度创下历史新高，表明全网算力持续增加，网络安全性随之提升。虽然更高难度会压缩单机收益，但算力的流入说明部分矿工仍认为长期回报具备吸引力，这可能源于更低的电力成本、规模化运营或对未来价格修复的预期。
在价格下探与网络指标走强的对比中，ZEC呈现出“基本面坚挺、市场情绪疲软”的结构性分化。对关注隐私赛道与矿工行为的投资者而言，Zcash的下一步走向，或将取决于宏观环境与加密市场风险偏好的变化。
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