ZEC on OKX just hit 1050.48, and the current price is still around 1005. BTC is still hovering below 80000. Are privacy coins continuing to set ten-year highs, or is the squeeze not over yet?
See the cover for the liquidity map. Spot data comes from OKX, and the article was written around 16:00 Beijing time on September 5, 2026. Market cap, ranking, and the 2016 high come from CoinGecko. ZCSH’s listing date and assets under management come from Grayscale’s product page. Friday’s short-liquidation figures are quoted by Decrypt from CoinGlass.
【First, let’s make the new high clear】
Yesterday on the 4-hour chart, it first reached 1029.99. The 1000 round-number level was crossed for the first time in ten years. In the early hours of today, the next push took the high to 1050.48, which is also the highest on OKX in the past 90 days, and a new high since this move began climbing from around 368 at the end of June.
Media like to call it an all-time high. CoinGecko records 3191.93 on October 28, 2016 as the ATH. The float on the first listing day was extremely thin, so that sky-high print is still above us; today we’re still about two-thirds below it. The numbers are fighting each other. The circulating market cap is about 17 billion dollars, ranking 11th, already above the roughly 13.3 billion dollar range of Dogecoin. Over the past 30 days, CoinGecko shows a gain of about 98%, and over the past year about 2324%.
【Where is the money coming from】
On August 25, Grayscale converted its original Zcash Trust into an exchange-traded product, ticker ZCSH, and it started trading on NYSE Arca. The listing date on the official product page is exactly that day. As of the September 3 data point, assets under management were about 415 million dollars. For the first time, brokerage accounts can access ZEC through a stock trading channel without managing private keys themselves.
On listing day, spot did not immediately go wild. That day on OKX, it dropped as low as 752 and closed at 770. The ETF first provided access, not instant inflows of real money. Over the following week, it climbed back above 850, and then after Waller turned dovish on September 3, it broke through 1000 in one go.
Friday’s stronger-than-expected nonfarm payrolls took BTC below 80000. ZEC, by contrast, printed a new high at 1029 that day, and then pushed up to 1050. Decrypt, citing CoinGlass, said that the move through 1000 liquidated about 34.5 million dollars in short positions, while total market liquidations were about 36.6 million dollars. Short covering turns into spot buy orders, which explains why the move accelerated once the round number was broken.
Zcash uses zero-knowledge proofs to hide transfer amounts and addresses. Its maximum supply is 21 million, using the same cap structure as Bitcoin. Monero is currently around 529, with a market cap of about 10 billion dollars, ranking behind it. This round’s privacy narrative first rewarded the one that could get an ETF.
【How to read the chart】
The daily RSI14 is about 72.9, still in overbought territory, though down from the 78 mentioned in the media on Friday. The 20-day moving average is about 781, and the 50-day moving average about 611; the short-term average is above the long-term average. The trend is still intact, but the short-term positioning is crowded.
From the 30-day low of 466 to 1050, the Fib retracement levels are 912 at 0.236, 827 at 0.382, and 758 at 0.5. The 758 area also lines up with the listing-day low around 752. Decrypt also gave 892 and 808 as reference levels, which do not fully overlap with our swing range, so I’ll stick to the three levels calculated here.
The current price is hugging 1000. This round-number level is now the first stepping stone. If it holds, 1050 is the first resistance; above that, there is no spot-price ceiling from the past decade, only price discovery. If it fails, watch 912 first, then 827, and only then 752.
【How to use this tonight】
This move has gone this far because access, short squeeze, and the privacy narrative all stacked together. ZCSH provided the doorway, 34.5 million in short liquidations provided the fuel, and breaking through 1000 provided the sentiment. If any one of those cools off, 1050 can quickly turn into a long wick.
After payrolls, BTC is digesting rate-hike probabilities, while ZEC has not given all of it back. How long can this divergence last? The next key pin is still the CPI on September 11. If CPI comes in hot again, risk assets will likely give back more. If ZEC loses 1000 first, it will shift from leader to laggard.
Will you treat 1000 as the new floor, or 1050 as the first wick after a ten-year high?
$ZEC $BTC #隐私币 #比特币 #crypto
Dragonfly Captain | A finance blogger who likes analyzing data and candlesticks.
Not investment advice. The liquidity map is for reference only; position sizing is up to you. The chart reflects a Beijing-time snapshot from the afternoon of September 5.
See the cover for the liquidity map. Spot data comes from OKX, and the article was written around 16:00 Beijing time on September 5, 2026. Market cap, ranking, and the 2016 high come from CoinGecko. ZCSH’s listing date and assets under management come from Grayscale’s product page. Friday’s short-liquidation figures are quoted by Decrypt from CoinGlass.
【First, let’s make the new high clear】
Yesterday on the 4-hour chart, it first reached 1029.99. The 1000 round-number level was crossed for the first time in ten years. In the early hours of today, the next push took the high to 1050.48, which is also the highest on OKX in the past 90 days, and a new high since this move began climbing from around 368 at the end of June.
Media like to call it an all-time high. CoinGecko records 3191.93 on October 28, 2016 as the ATH. The float on the first listing day was extremely thin, so that sky-high print is still above us; today we’re still about two-thirds below it. The numbers are fighting each other. The circulating market cap is about 17 billion dollars, ranking 11th, already above the roughly 13.3 billion dollar range of Dogecoin. Over the past 30 days, CoinGecko shows a gain of about 98%, and over the past year about 2324%.
【Where is the money coming from】
On August 25, Grayscale converted its original Zcash Trust into an exchange-traded product, ticker ZCSH, and it started trading on NYSE Arca. The listing date on the official product page is exactly that day. As of the September 3 data point, assets under management were about 415 million dollars. For the first time, brokerage accounts can access ZEC through a stock trading channel without managing private keys themselves.
On listing day, spot did not immediately go wild. That day on OKX, it dropped as low as 752 and closed at 770. The ETF first provided access, not instant inflows of real money. Over the following week, it climbed back above 850, and then after Waller turned dovish on September 3, it broke through 1000 in one go.
Friday’s stronger-than-expected nonfarm payrolls took BTC below 80000. ZEC, by contrast, printed a new high at 1029 that day, and then pushed up to 1050. Decrypt, citing CoinGlass, said that the move through 1000 liquidated about 34.5 million dollars in short positions, while total market liquidations were about 36.6 million dollars. Short covering turns into spot buy orders, which explains why the move accelerated once the round number was broken.
Zcash uses zero-knowledge proofs to hide transfer amounts and addresses. Its maximum supply is 21 million, using the same cap structure as Bitcoin. Monero is currently around 529, with a market cap of about 10 billion dollars, ranking behind it. This round’s privacy narrative first rewarded the one that could get an ETF.
【How to read the chart】
The daily RSI14 is about 72.9, still in overbought territory, though down from the 78 mentioned in the media on Friday. The 20-day moving average is about 781, and the 50-day moving average about 611; the short-term average is above the long-term average. The trend is still intact, but the short-term positioning is crowded.
From the 30-day low of 466 to 1050, the Fib retracement levels are 912 at 0.236, 827 at 0.382, and 758 at 0.5. The 758 area also lines up with the listing-day low around 752. Decrypt also gave 892 and 808 as reference levels, which do not fully overlap with our swing range, so I’ll stick to the three levels calculated here.
The current price is hugging 1000. This round-number level is now the first stepping stone. If it holds, 1050 is the first resistance; above that, there is no spot-price ceiling from the past decade, only price discovery. If it fails, watch 912 first, then 827, and only then 752.
【How to use this tonight】
This move has gone this far because access, short squeeze, and the privacy narrative all stacked together. ZCSH provided the doorway, 34.5 million in short liquidations provided the fuel, and breaking through 1000 provided the sentiment. If any one of those cools off, 1050 can quickly turn into a long wick.
After payrolls, BTC is digesting rate-hike probabilities, while ZEC has not given all of it back. How long can this divergence last? The next key pin is still the CPI on September 11. If CPI comes in hot again, risk assets will likely give back more. If ZEC loses 1000 first, it will shift from leader to laggard.
Will you treat 1000 as the new floor, or 1050 as the first wick after a ten-year high?
$ZEC $BTC #隐私币 #比特币 #crypto
Dragonfly Captain | A finance blogger who likes analyzing data and candlesticks.
Not investment advice. The liquidity map is for reference only; position sizing is up to you. The chart reflects a Beijing-time snapshot from the afternoon of September 5.
