Grayscale’s $1 million came from fees on the ZEC ETF
The money is earmarked for nonprofits in the ecosystem, alongside a nationwide advertising campaign. Both are ecosystem-side initiatives.
An advertising budget can buy exposure. ETF fees converted into promotional spending are a different thing from the price formed by daily trading. I lean toward ZEC continuing lower from here; any rebound after the breakdown would be just a recovery move.
Starting on the 16th, holders will also vote on whether to withdraw 50,000 ZEC, worth about $50 million, from the community grants treasury. The result won’t be announced until the end of the month, so it can’t be treated as a bullish catalyst in the meantime.
The price has fallen below the lower Bollinger Band at 1023 and is trading outside the band. The daily ATR shows that the daily range exceeds 10%—a lot of ground can be covered in a day, making it difficult for a rebound to hold outside the band.
The bandwidth is still in the lower-to-middle range of recent readings, so this expansion isn’t over. The daily MACD histogram has only printed its third green bar, and the bars are still growing. If 951 breaks, it looks more like a continuation than a quick dip that gets bought back up.
Open interest rose 2.0% over 24 hours but fell 18.4% over 7 days, indicating a decline driven by position reductions. The long-short account ratio dropped from 1.24 to 0.88, as bulls are pulling back.
A positive funding rate of 0.01% only shows that longs are still paying; it’s not enough to support a meaningful rebound.
The next thing to watch is whether the daily candle can close back above 1023. If it can’t, 951 is the next level to test.
#zec
The money is earmarked for nonprofits in the ecosystem, alongside a nationwide advertising campaign. Both are ecosystem-side initiatives.
An advertising budget can buy exposure. ETF fees converted into promotional spending are a different thing from the price formed by daily trading. I lean toward ZEC continuing lower from here; any rebound after the breakdown would be just a recovery move.
Starting on the 16th, holders will also vote on whether to withdraw 50,000 ZEC, worth about $50 million, from the community grants treasury. The result won’t be announced until the end of the month, so it can’t be treated as a bullish catalyst in the meantime.
The price has fallen below the lower Bollinger Band at 1023 and is trading outside the band. The daily ATR shows that the daily range exceeds 10%—a lot of ground can be covered in a day, making it difficult for a rebound to hold outside the band.
The bandwidth is still in the lower-to-middle range of recent readings, so this expansion isn’t over. The daily MACD histogram has only printed its third green bar, and the bars are still growing. If 951 breaks, it looks more like a continuation than a quick dip that gets bought back up.
Open interest rose 2.0% over 24 hours but fell 18.4% over 7 days, indicating a decline driven by position reductions. The long-short account ratio dropped from 1.24 to 0.88, as bulls are pulling back.
A positive funding rate of 0.01% only shows that longs are still paying; it’s not enough to support a meaningful rebound.
The next thing to watch is whether the daily candle can close back above 1023. If it can’t, 951 is the next level to test.
#zec