Zcash rises 6% after Orchard patch; shielded outflows spike

Zcash traded near $432 after developers patched a flaw in the Orchard shielded pool. The token was up about 6% on the day but remained roughly 30% below its level a month earlier.

The vulnerability in Orchard was disclosed on June 5; developers say the code was patched in the days before public disclosure. The announcement coincided with a large withdrawal of coins from shielded pools.

On June 5, 157,931 ZEC left the shielded pools in a single day, the largest daily outflow since January 2. The withdrawals came from the privacy layer that holds encrypted ZEC balances.

Trading activity rose sharply during the outflow. Decentralized exchange trades involving wrapped ZEC peaked at 17,401 on June 5. Spot volume on centralized exchanges reached about $3,756.7 million on June 6, compared with a 30-day daily average near $899.5 million. Volumes declined after the early-June spike.

Network usage ticked down following the incident. Seven-day transaction counts fell by 3,771 versus the prior week after a 30-day high of 38,515 transactions on May 15. Active addresses rose briefly to 10,422 on June 5 and then settled near 5,000 per day.

Over the past 90 days, the ZEC price increased about 106% while on-chain transactions fell roughly 11% and active addresses rose just under 9%. Spot net flow turned sharply negative around June 4 before buyers returned by June 8.

Large-holder activity showed mixed behavior. Standard whale holdings decreased by about 8.9%, while the top 100 addresses increased holdings by approximately 4%. Measures of positive social mentions were at their lowest level since May 2.

Developers applied the patch before the public disclosure and prices stabilized after the initial drop. On-chain indicators such as shielded supply, transaction counts and active addresses had not returned to prior levels in the days following the incident.