“The bomb I warned about when ZEC was at 1250 has gone off”
At the start of the month, when ZEC was holding the 1250 level and surging while the rest of crypto was in the red, I said something unpopular:
It was rising with a bomb attached. Up 7x in a year, more than 700% year to date; while BTC was 37.9% below its high, ZEC was bucking the trend and climbing. It looked like conviction, but it was really a fuse.
In less than ten days, it plunged from 1397.77 to 976.70. Now it’s hovering around 983, and 1000 has fallen just like that—a drawdown of more than 20%.
The bomb wasn’t mysterious: community treasury funds were redirected to charity, and a whale publicly called to “sell everything”; the November 5 upgrade was hyped as a “takeoff,” and when that failed to materialize, the price tanked; newly listed leveraged contracts sent prices soaring—and liquidations came even faster. Three fuses, not one of them defused.
The costliest mistake has never been getting the direction wrong. It’s mistaking “the biggest rally” for “the safest bet.” A new high against the trend is often the last hurrah before the tide goes out—with whales heading for the exits and retail investors left holding the bag.
This isn’t hindsight, and I’m not calling for it to go to zero. I’m just repeating what I said before:
At the start of the month, when ZEC was holding the 1250 level and surging while the rest of crypto was in the red, I said something unpopular:
It was rising with a bomb attached. Up 7x in a year, more than 700% year to date; while BTC was 37.9% below its high, ZEC was bucking the trend and climbing. It looked like conviction, but it was really a fuse.
In less than ten days, it plunged from 1397.77 to 976.70. Now it’s hovering around 983, and 1000 has fallen just like that—a drawdown of more than 20%.
The bomb wasn’t mysterious: community treasury funds were redirected to charity, and a whale publicly called to “sell everything”; the November 5 upgrade was hyped as a “takeoff,” and when that failed to materialize, the price tanked; newly listed leveraged contracts sent prices soaring—and liquidations came even faster. Three fuses, not one of them defused.
The costliest mistake has never been getting the direction wrong. It’s mistaking “the biggest rally” for “the safest bet.” A new high against the trend is often the last hurrah before the tide goes out—with whales heading for the exits and retail investors left holding the bag.
This isn’t hindsight, and I’m not calling for it to go to zero. I’m just repeating what I said before:
