Why ZEC’s Unshielded Supply Surge Is Worrying Traders in 2026

Zcash holders moved a large quantity of tokens from shielded pools to transparent addresses during the first week of January 2026. On-chain data reveals a holder withdrew over 200,000 ZEC from shielded pools, representing approximately 1.2% of the token’s circulating supply. Unshielding converts funds from privacy-protected pools to transparent addresses,