The $100 million Zcash mining headline looks bullish. The near-term flow is less simple.
#Fortitude signed a non-binding letter of intent for next-generation miners. The first firm cash requirement is a refundable $20M deposit. Fortitude says it expects DCG to fund that draw in $ZEC, then plans to liquidate the tokens through one or more market transactions. Last week, it received 5,790.4798 ZEC and sold them for about $8.3M.
Meanwhile, $ZEC remains green on the day, #Binance futures open interest is near $660M, and funding is positive. Traders are leaning long while another known seller prepares a sizable conversion.
The longer-term hashrate story may be constructive. The immediate test is whether spot demand absorbs the planned sale without price weakening as open interest stays elevated. Watch that reaction, not the $100M headline.
#Fortitude signed a non-binding letter of intent for next-generation miners. The first firm cash requirement is a refundable $20M deposit. Fortitude says it expects DCG to fund that draw in $ZEC, then plans to liquidate the tokens through one or more market transactions. Last week, it received 5,790.4798 ZEC and sold them for about $8.3M.
Meanwhile, $ZEC remains green on the day, #Binance futures open interest is near $660M, and funding is positive. Traders are leaning long while another known seller prepares a sizable conversion.
The longer-term hashrate story may be constructive. The immediate test is whether spot demand absorbs the planned sale without price weakening as open interest stays elevated. Watch that reaction, not the $100M headline.
