$ZEC Now 854, back under the top-bottom boundary at 877. Today’s high was 889 again—touched it and then pulled back. How many times has this “top-piercing” happened already? Still can’t hold its ground. Is this another script like the last one?
I admit it—I recognize this rally. Truly, I do. In a week it jumped from 480, up more than seventy percent. Spot-wise, in the past three hours there were twelve candle pillars, and not one turned negative. Real money has definitely come in. The Grayscale ZCSH trust will be listed on the NYSE tomorrow—looks like it’s about to be picked up by institutions.
But the problem is this: money came in, yet price can’t be pushed up. Open interest piled up another nearly ten percentage points in a day, all stacked at the high end. On the big players’ side, long positions are actually being withdrawn. In four hours, it has already dropped almost three points, and the short-term cycle also turned bearish.
The fee rate is still showing a positive decimal—not crazy—so it means the bulls haven’t been squeezed to death. But it also suggests that the buyer(s) at this level refuse to step in with heavy volume. The order book bids are thin—5 to 18—one sell pressure and it goes through.
All the good news is just on people’s mouths. The ETF is still in the application stage. Whether the trust opens tomorrow can cash out depends on whether the funds will keep following. If you chase in at this position, you’re the one holding the bag. I’ll wait for it to grind out those few highs, then after a pullback when someone actually takes over, I’ll consider it. I won’t chase.
#zec $ZEC
I admit it—I recognize this rally. Truly, I do. In a week it jumped from 480, up more than seventy percent. Spot-wise, in the past three hours there were twelve candle pillars, and not one turned negative. Real money has definitely come in. The Grayscale ZCSH trust will be listed on the NYSE tomorrow—looks like it’s about to be picked up by institutions.
But the problem is this: money came in, yet price can’t be pushed up. Open interest piled up another nearly ten percentage points in a day, all stacked at the high end. On the big players’ side, long positions are actually being withdrawn. In four hours, it has already dropped almost three points, and the short-term cycle also turned bearish.
The fee rate is still showing a positive decimal—not crazy—so it means the bulls haven’t been squeezed to death. But it also suggests that the buyer(s) at this level refuse to step in with heavy volume. The order book bids are thin—5 to 18—one sell pressure and it goes through.
All the good news is just on people’s mouths. The ETF is still in the application stage. Whether the trust opens tomorrow can cash out depends on whether the funds will keep following. If you chase in at this position, you’re the one holding the bag. I’ll wait for it to grind out those few highs, then after a pullback when someone actually takes over, I’ll consider it. I won’t chase.
#zec $ZEC
