【Hackers Are Buying ZEC】
Hackers buying ZEC doesn’t mean ZEC is going up.
According to Lookonchain, an address suspected of belonging to a hacker sold about 1,670 ETH withdrawn from Tornado Cash over the past 20 hours on Hyperliquid, converting it into about 2,959 ZEC worth roughly $3.73 million. No specific theft has been publicly linked to the address.
People assume: a whale is scooping up coins.
The data tells a different story:
1️⃣ $3.73 million accounts for only about 0.3% of ZEC’s 24-hour Binance futures trading volume of 1.11 billion USDT.
2️⃣ From 10 p.m. yesterday until now, ZEC has traded only between 1,236 and 1,290. Binance quoted it at 1,275 at 23:29.
3️⃣ Privacy coins being used as an exit route by hackers: the more often this kind of news appears, the greater the reputational risk for ZEC—not buying pressure.
My take: This trade won’t change the trend; ZEC is still range-bound. I’ll look for strength if the 1H candle closes above 1,290; if it breaks below the range floor at 1,236, I lean bearish.
What would prove me wrong: a larger wave of similar buying later on, accompanied by a clear increase in trading volume, would suggest this isn’t an isolated case.
Hackers piling into ZEC—is it bullish or a problem?
Sources: Lookonchain, Binance data
#Zcash #PrivacyCoins
📈 Top three futures gainers (23:28): $JCT +236.47%｜$AIOT +28.28%｜$SKYAI +18.97%
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.
Hackers buying ZEC doesn’t mean ZEC is going up.
According to Lookonchain, an address suspected of belonging to a hacker sold about 1,670 ETH withdrawn from Tornado Cash over the past 20 hours on Hyperliquid, converting it into about 2,959 ZEC worth roughly $3.73 million. No specific theft has been publicly linked to the address.
People assume: a whale is scooping up coins.
The data tells a different story:
1️⃣ $3.73 million accounts for only about 0.3% of ZEC’s 24-hour Binance futures trading volume of 1.11 billion USDT.
2️⃣ From 10 p.m. yesterday until now, ZEC has traded only between 1,236 and 1,290. Binance quoted it at 1,275 at 23:29.
3️⃣ Privacy coins being used as an exit route by hackers: the more often this kind of news appears, the greater the reputational risk for ZEC—not buying pressure.
My take: This trade won’t change the trend; ZEC is still range-bound. I’ll look for strength if the 1H candle closes above 1,290; if it breaks below the range floor at 1,236, I lean bearish.
What would prove me wrong: a larger wave of similar buying later on, accompanied by a clear increase in trading volume, would suggest this isn’t an isolated case.
Hackers piling into ZEC—is it bullish or a problem?
Sources: Lookonchain, Binance data
#Zcash #PrivacyCoins
📈 Top three futures gainers (23:28): $JCT +236.47%｜$AIOT +28.28%｜$SKYAI +18.97%
#BinanceSquare
⚠️ The above is a summary of information and personal opinion, and does not constitute investment advice. DYOR.
