Zcash (ZEC) Price Drops 7% After NU7 Upgrade as Long Liquidations Dominate

ZEC, the native coin of the Zcash network, fell 7.3% over 24 hours to $1,260.05 as of 17:25 UTC on November 7, according to CoinGecko data. The decline followed the network’s NU7 upgrade, which activated a day earlier, on November 6.

The token’s market capitalization stood at $21.458 billion, matching its fully diluted valuation. Twenty-four-hour trading volume reached $715.431 million. Perpetual futures open interest over the same period totaled $4.569 billion. Circulating and total supply were both listed at 17.029 million tokens, with a maximum supply of 21 million. Total treasury holdings were reported at 294,743 ZEC.

The 24-hour price range was $1,250.94 to $1,365.73. The price chart showed an overall downward trend following earlier fluctuations, with ZEC ending the period near $1,260.

NU7 upgrade activates on Zcash mainnet

The NU7 network upgrade activated at block height 3,543,405 early on Friday. Zcash’s official account confirmed the activation, stating, “NU7 has successfully activated on mainnet. A new era of Zcash is here.”

NU7 has successfully activated on mainnet. A new era of Zcash is here. $ZEC pic.twitter.com/rPaSFe9h7j

— Zcash 🛡️ (@Zcash) November 6, 2026

The upgrade introduced three main changes. Target block times were reduced from 75 seconds to 25 seconds. The Network Sustainability Mechanism directed 60% of transaction fees toward future block rewards and network support. 

The upgrade also lowered wallet-scanning requirements for detecting private payments, reducing the computational resources needed to identify incoming transactions.

ZEC price movement before and after the upgrade

The decline followed a price increase ahead of the network upgrade. As previously reported by The Crypto Times, ZEC gained 7.7% over 24 hours on November 4, reaching $1,274.81. The development team had confirmed that activation was scheduled for block 3,543,405, which was then expected around November 5. At the time, the 24-hour range was $1,159.27 to $1,321.83, market capitalization stood at $21.75 billion, and trading volume reached $1.145 billion. 

Over the seven days ending November 7, ZEC traded between $1,122.37 and $1,382.38. Its all-time high of $3,191.93 left the current price 60.5% lower. The all-time low of $16.08 placed it 7,749.6% above that level.

According to CoinGlass data (on November 7 at 17:25 UTC), Zcash recorded total liquidations of $4.73 million over the past 24 hours. Of this amount, long positions accounted for $4.13 million, while short positions made up $601,610. 

Over 12 hours, liquidations reached $3.39 million, with longs at $3.18 million and shorts at $208,280. In the last 4 hours, $650,280 was liquidated, including $595,270 in longs and $55,010 in shorts. The past hour saw $28,560 in liquidations, mostly from shorts at $26,480 against $2,080 in longs. The market status shows mostly long liquidations.

Zcash expands its presence in ETF market

The drop comes a month after Winklevoss Asset Services, LLC, owned by Cameron and Tyler Winklevoss, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission on October 6 for the proposed Winklevoss Zcash ETF.

The trust aims to provide exposure to the price of ZEC held by the fund, less expenses and liabilities. Net asset value would be calculated each business day using a time-weighted average of executed trades from major ZEC trading platforms.

Shares are expected to list on the Nasdaq Stock Market under the ticker WINK, subject to notice of issuance. The proposed exchange-traded product would hold ZEC, the native asset of the Zcash network.

The filing follows the launch of Grayscale Investments’ Zcash ETF, which began trading on NYSE Arca on August 25, 2026, under the ticker ZCSH.

Cryptocurrency-related data is sourced from CoinGecko, while liquidation data is sourced from CoinGlass (as of November 7 at 17:25 UTC).

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