#ZEC (Zcash) -30% since last Friday. Possible reasons:
➤ Profit-taking after the NU7 update. The activation occurred on November 6th, after which investors may have begun exiting positions based on the "buy on rumors, sell on news" principle.
➤ ETF outflows. Since the beginning of November, investors have withdrawn over $15 million from Grayscale ZCSH.
➤ Large selling and liquidations. Yesterday, two traders on Hyperliquid closed out $26.1 million worth of ZEC longs for a loss of $2.2 million. Long positions worth approximately $32 million were liquidated in 24 hours.
➤ Crypto market weakness. US inflation exceeded expectations, fueling concerns about a Fed rate hike.
➤ Profit-taking after the NU7 update. The activation occurred on November 6th, after which investors may have begun exiting positions based on the "buy on rumors, sell on news" principle.
➤ ETF outflows. Since the beginning of November, investors have withdrawn over $15 million from Grayscale ZCSH.
➤ Large selling and liquidations. Yesterday, two traders on Hyperliquid closed out $26.1 million worth of ZEC longs for a loss of $2.2 million. Long positions worth approximately $32 million were liquidated in 24 hours.
➤ Crypto market weakness. US inflation exceeded expectations, fueling concerns about a Fed rate hike.
