What's up with $ZEC ? With Zcash:native dropping 9% today, a whale who went long on ZEC both spot and futures in recent days has lost $5.84 million.
ZEC took the biggest hit… and the ETF numbers explain part of the pressure. The three spot ETFs recorded more than $7M in combined net outflows, with ZEC alone seeing over $3M leave.
No surprise the market got hit, and $ZEC ended up taking the hardest fall.
But I wouldn’t panic over one day of outflows.
These products had already attracted substantial money before this. One day of withdrawals doesn’t erase that entire picture.
Short-term money is pulling back, sure. But that can also create the kind of dip that buyers have been waiting for.
The bigger question is whether this is just temporary profit-taking or the beginning of a longer capital outflow.
I’m not writing off $ZEC, $HYPE or $XRP based on one red day.
ZEC took the biggest hit… and the ETF numbers explain part of the pressure. The three spot ETFs recorded more than $7M in combined net outflows, with ZEC alone seeing over $3M leave.
No surprise the market got hit, and $ZEC ended up taking the hardest fall.
But I wouldn’t panic over one day of outflows.
These products had already attracted substantial money before this. One day of withdrawals doesn’t erase that entire picture.
Short-term money is pulling back, sure. But that can also create the kind of dip that buyers have been waiting for.
The bigger question is whether this is just temporary profit-taking or the beginning of a longer capital outflow.
I’m not writing off $ZEC, $HYPE or $XRP based on one red day.
