$ZEC fell below 1,225; the ETF application good news didn’t hold up.
Binance futures (as of 21:00 Beijing time):
· 1,205, down 8.4% over 24 hours; range 1,192—1,348
· 1,335 a week ago; 30-day range 1,041—1,699
· Open interest about $599 million; $644 million two days ago—positions are being reduced
· Funding rate +0.01%, basically neutral
Background: On Tuesday, a 0.25% fee ZEC ETF application (WINK) was added, but since the SEC has paused funding from the 10/1 allocation, the new ETF can’t take effect. Last week, Grayscale’s ZCSH saw weekly net outflows for the first time.
Prices down, positions reduced, fees not unfavorable: it’s longs exiting—not shorts launching an attack.
Scenario one: Hold 1,192 (today’s low), position reduction ends, then look back at 1,348 (24-hour high).
Scenario two: Break below 1,192; the next reference is the 30-day low of 1,041.
What do you think is the next catalyst for ZEC—does it come from the SEC resuming operations, or something else?
Binance futures (as of 21:00 Beijing time):
· 1,205, down 8.4% over 24 hours; range 1,192—1,348
· 1,335 a week ago; 30-day range 1,041—1,699
· Open interest about $599 million; $644 million two days ago—positions are being reduced
· Funding rate +0.01%, basically neutral
Background: On Tuesday, a 0.25% fee ZEC ETF application (WINK) was added, but since the SEC has paused funding from the 10/1 allocation, the new ETF can’t take effect. Last week, Grayscale’s ZCSH saw weekly net outflows for the first time.
Prices down, positions reduced, fees not unfavorable: it’s longs exiting—not shorts launching an attack.
Scenario one: Hold 1,192 (today’s low), position reduction ends, then look back at 1,348 (24-hour high).
Scenario two: Break below 1,192; the next reference is the 30-day low of 1,041.
What do you think is the next catalyst for ZEC—does it come from the SEC resuming operations, or something else?