ZEC is trending again. As of 14:50 Beijing time on 11/13, it ranked fifth in CoinGecko’s trending searches. OKX spot price: 942.3 USDT, down about 4% over 24 hours, after dipping to 880. Total 24-hour trading volume across the market was about $930 million, and it’s down about 25% over the past week.
The buzz comes from two things: first, Grayscale’s ZCSH spot ETF has seen consecutive net outflows—about $14.61 million on 11/11 and $9.88 million on 11/12. Second, a community vote starts on 11/16. Zooko and other co-founders have proposed moving about 50,000 ZEC from the grant treasury into the network sustainability mechanism.
My take: with NU7 implemented, the positive news has been priced in. Funds are pulling out and longs are being liquidated, so in the short term, ZEC will likely move with the broader market. But the treasury proposal essentially reduces circulating supply, which is a positive for long-term supply dynamics. I’m in no rush to buy before the vote results are out. I’ll take another look once it holds above around 900 and ETF outflows ease.
$ZEC
The buzz comes from two things: first, Grayscale’s ZCSH spot ETF has seen consecutive net outflows—about $14.61 million on 11/11 and $9.88 million on 11/12. Second, a community vote starts on 11/16. Zooko and other co-founders have proposed moving about 50,000 ZEC from the grant treasury into the network sustainability mechanism.
My take: with NU7 implemented, the positive news has been priced in. Funds are pulling out and longs are being liquidated, so in the short term, ZEC will likely move with the broader market. But the treasury proposal essentially reduces circulating supply, which is a positive for long-term supply dynamics. I’m in no rush to buy before the vote results are out. I’ll take another look once it holds above around 900 and ETF outflows ease.
$ZEC