ZEC drops 14.39% in a day, with $42.22 million liquidated—93% of it were longs. The longs that had been trapped in leveraged positions were finally forced out. But on the same day, The Block reported another piece of news: the assets under management of Zcash-related ETFs have surpassed $1 billion. Two headlines collide—so which one should you trust?
The $1 billion figure is real—it's already an achieved milestone in AUM, with institutional capital having demonstrably moved in. But the more attention-grabbing headline is that the Winklevoss brothers filed an S-1 with the SEC for WINK (the Nasdaq spot Zcash ETF). The proposed fee is 0.25%, custody is handled by Gemini, and they also said that Winklevoss Capital intends to invest $100 million. However, the word “intends” in the original text is non-binding—translated, it means they haven’t actually paid yet; it’s just a letter of intent. The market has been trading both the filed application and the already-in $1 billion figure together, but these are two different things: one is an already-fulfilled access route, and the other is a pending intention.
If it were me, at this point I wouldn’t go long. A 14% drop and a 93% share of long liquidations indicate a leveraged squeeze—not that the ETF channel has been disproven. But once WINK truly completes the filing, or if that $100 million letter-of-intent capital actually arrives in the account, then the story can be said to genuinely be moving upward. Only then would I reconsider going long.
$ZEC #Zcash #Privacy
The $1 billion figure is real—it's already an achieved milestone in AUM, with institutional capital having demonstrably moved in. But the more attention-grabbing headline is that the Winklevoss brothers filed an S-1 with the SEC for WINK (the Nasdaq spot Zcash ETF). The proposed fee is 0.25%, custody is handled by Gemini, and they also said that Winklevoss Capital intends to invest $100 million. However, the word “intends” in the original text is non-binding—translated, it means they haven’t actually paid yet; it’s just a letter of intent. The market has been trading both the filed application and the already-in $1 billion figure together, but these are two different things: one is an already-fulfilled access route, and the other is a pending intention.
If it were me, at this point I wouldn’t go long. A 14% drop and a 93% share of long liquidations indicate a leveraged squeeze—not that the ETF channel has been disproven. But once WINK truly completes the filing, or if that $100 million letter-of-intent capital actually arrives in the account, then the story can be said to genuinely be moving upward. Only then would I reconsider going long.
$ZEC #Zcash #Privacy