Zcash Rises 9% on Privacy Coin Bets, Coinbase Morpho Loans
Zcash (ZEC)
Editor:
Eugene Serbin
dmarketforces.com reports that Zcash (ZEC) rose approximately 9% to $1,662.37, outperforming Bitcoin’s modest 0.9% gain as capital rotated into privacy assets. Trading volume increased by about 20% in the last 24 hours, with transaction values reaching $1.4 billion. The rally coincided with Dash ($DASH) surging 14.8% after activating shielded transactions, highlighting broad demand for the privacy narrative.
Zcash, as a sector leader, captured this flow without a specific new catalyst, driven instead by institutional access developments. Recent support includes the 21Shares ZEC ETP launch on September 22 and the late-August Grayscale ETF. On September 26, Coinbase enabled Morpho loans for Zcash, allowing it to be used as collateral.
This addition sits alongside existing variable-rate loans via Morpho Blue, which have grown to $1.4 billion outstanding backed by $3 billion in collateral. Coinbase also added fixed-rate bitcoin-backed loans through Morpho Midnight, allowing users to borrow USDC with set interest rates and repayment dates. Traders affirmed that existing bullish narratives around institutional access and utility are being reinforced. Technical analysis suggests immediate resistance at the Fibonacci swing high of $1,677, with support at $1,614–$1,633.
How the market reacted
Whalio's own Binance spot order flow for ZEC, measured when this story was written up on 27 September 2026. Not the outlet's figures.
Zcash is trading at $1,653.12, with a 1-hour buy ratio of 46.0% and a 4-hour buy ratio of 53.8%, compared to a 24-hour buy ratio of 52.7%. The 1-hour volume delta is negative at -$589,265, while the 4-hour delta is positive at +$4,035,877 and the 24-hour delta is +$12,897,755. The buy ratio indicates the proportion of trades executed at the ask price versus the bid price, with higher ratios suggesting stronger buying pressure. Volume delta measures the net difference between buy and sell volume, where positive values indicate net buying. While the 4-hour and 24-hour metrics show net buying, the 1-hour data suggests a short-term pause or slight selling pressure.
The latest daily buy ratio of 52.9% sits at the 82nd percentile of the last 322 days, against a median of 50.2% - stronger buying than most days.
Was that an ordinary day?
The same Binance spot measurements for ZEC, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 50.9%, with the latest day showing a 1.8 point increase. Volume was 0.63x the average, indicating lower trading activity compared to the weekly norm. The price changed by +12.4% over 8 days, with a total volume delta of +$54,826,553. This represents an unusual day for the coin, as the buy ratio is above average while volume is significantly below average. The weekly context shows sustained net buying over 4 of the last 7 days, contrasting with the mixed short-term signals.