Grayscale launched a major ad campaign for Zcash this Tuesday, 10/11, with a front-page takeover in the Wall Street Journal. On the same day, the $ZEC lost 17% in less than two hours on Binance.
The common assumption is that a campaign by a major ETF issuer pushes the price up. The day's numbers tell a different story.
On Binance, ZEC hit $1,199.82 in the 15:00 UTC candle, then fell to $994.22 around 16:45 UTC. That was its lowest level of the day since September 4. The single 15-minute candle at 15:30 UTC was down 5.8%, with around $26 million traded—six times more than in the preceding candles.
Leverage positions drove the decline. EconoTimes counted $8.96 million in longs liquidated in one hour across Binance, Bybit, and OKX, compared with $110,000 in shorts. CryptoTicker reported that ZEC open interest on OKX fell from around $162 million to $130 million in less than two hours. No project-specific news (hack, delisting, outage) was reported, and the $BTC itself was below $74,000 after the U.S. CPI release.
As for Grayscale, according to The Block: $1 million in grants pledged to the ecosystem, including $400,000 already distributed to four projects, and 100% of the ZCSH ETF's fees reinvested in the network during its first year. But the ETF saw more than $15 million in net outflows in November, following $46.25 million in outflows in October.
My takeaway: marketing works over months; leverage works over minutes. ZEC is still 39% below its September 26 high of $1,698. A move back above $1,100 would erase a good chunk of the drop. A daily close below $1,000 would instead open the door to the early-September zone.
Do you think the Grayscale campaign can bring in spot buyers, or do the ETF outflows carry more weight?
#Zcash #ZEC
The common assumption is that a campaign by a major ETF issuer pushes the price up. The day's numbers tell a different story.
On Binance, ZEC hit $1,199.82 in the 15:00 UTC candle, then fell to $994.22 around 16:45 UTC. That was its lowest level of the day since September 4. The single 15-minute candle at 15:30 UTC was down 5.8%, with around $26 million traded—six times more than in the preceding candles.
Leverage positions drove the decline. EconoTimes counted $8.96 million in longs liquidated in one hour across Binance, Bybit, and OKX, compared with $110,000 in shorts. CryptoTicker reported that ZEC open interest on OKX fell from around $162 million to $130 million in less than two hours. No project-specific news (hack, delisting, outage) was reported, and the $BTC itself was below $74,000 after the U.S. CPI release.
As for Grayscale, according to The Block: $1 million in grants pledged to the ecosystem, including $400,000 already distributed to four projects, and 100% of the ZCSH ETF's fees reinvested in the network during its first year. But the ETF saw more than $15 million in net outflows in November, following $46.25 million in outflows in October.
My takeaway: marketing works over months; leverage works over minutes. ZEC is still 39% below its September 26 high of $1,698. A move back above $1,100 would erase a good chunk of the drop. A daily close below $1,000 would instead open the door to the early-September zone.
Do you think the Grayscale campaign can bring in spot buyers, or do the ETF outflows carry more weight?
#Zcash #ZEC
