BTC is flat at +0.13%, the broader market is going nowhere, and $ZEC has already fallen 2.94%. Trading volume is 46.89% above its 30-day average, while the MACD is still flashing a bullish signal—the price is retreating as volume moves in. This divergence is more worth watching than the decline itself.
Three groups are affected: those holding $ZEC positions must contend with a reassessment of the supply narrative brought about by NU7; those looking to enter need to first understand exactly how changes to the old Sprout fund pool have changed expectations; and the project team needs to clearly explain the relationship between the upgrade and this pullback—the original text itself acknowledges that NU7 alone cannot prove the cause of the decline.
The key things to watch are specific: whether volume can stay above its average, and whether the supply-side narrative changes materially after NU7 goes live. A divergence can resolve, or it can mark the start of a move—the difference lies in these two factors.