Crypto Winter Deepens as Market Stalls and Only Zcash Manages a Lift
The crypto market continues to experience a deepening winter with unstable price action and cautious trading. The Crypto Fear and Greed Index stands at 25, showing a modest recovery from November's plunge near 10, but overall sentiment remains unsettled.
Bitcoin is trading around $91,000, down about 2% in the last 24 hours after falling from $92,000, signaling ongoing instability. Most altcoins are in the red despite liquidity being present, with market flows favoring defensive positioning and short-dated trades over long-term commitments.
Among large tokens, Zcash is a notable exception, rising approximately 10% to about $384. Meanwhile, Ethereum, Solana, and Hyperliquid are trending downwards. The Zcash Foundation recently released its Q3 2025 report, highlighting the Shielded Aid Initiative aimed at supporting privacy-preserving digital aid.
Analysis of Bitcoin derivatives reveals reduced leverage on both long and short sides. Spot flows are trimming exposure following weeks of declines, indicating the market's search for stability. Current conditions do not support the onset of a broad altcoin season. Although sentiment has improved somewhat, positioning remains conservative with narrow rotation expected until Bitcoin stabilizes and macroeconomic uncertainties ease.
Privacy-focused tokens like Zcash may gain interest during quieter defensive periods as traders look for assets known to occasionally outperform.
