Agree. There are a number of market forces at play. This downward trend is true of all crypto, not just Zcash. Everything is highly correlated currently. I’ll include details in the post but we have spent considerable time working with institutional investors and family offices to ramp Zcash and build liquidity. Retail is way down, but Circle, Galaxy and Cumberland all started trading / market making Zcash this year. Zcash is now a top 5 coin in trade volume on OTC desks. My friend at Circle (who runs OTC) is telling me there are a lot of inquiries but many are waiting for certain triggers (for all coins).
Many of the smaller funds are still concerned with the current Zcash inflation rate and waiting until the mining rewards halve in October 2020. The big desks are necessary for building the rails and liquidity needs to help move Zcash from a speculative asset to a viable long-term store of value.
Japan is currently an issue and we are working with regulatory counsel to address the concerns by the most significant SRO. Currently all privacy-protecting coins in Japan are banned from exchanges (Monero, Dash, Verge, Zcash, …)