🚨 ZEC just lost 21% from its September peak. The interesting part is what happened underneath...
#zcashfalls21%fromseptemberpeak

ZEC fell from roughly $1,698 to $1,336, while Grayscale’s Zcash ETF recorded a $30.25M outflow on Sept. 30.

But here’s the contradiction:
Earlier in the pullback, OKX ZEC futures open interest fell 13.5% in 24 hours — faster than the price decline — pointing to a meaningful leverage reset, not proof that the entire move was fresh shorting.

And the clock is still ticking.
NU7 testnet activation is scheduled for Oct. 6, followed by a final mainnet activation decision on Oct. 20 and targeted mainnet activation on Nov. 5. The upgrade includes 25-second blocks and Network Sustainability Mechanism changes.

So the real question isn't simply:
“Has ZEC topped?”
It’s whether this correction is distribution — or leverage being flushed before the next fundamental catalyst.

I’m watching ETF flows + futures OI + price reaction around $1,300–$1,400.
What breaks first?

Nugget: falling price + falling leverage can tell a very different story from falling price + rising leverage. DYOR
$ZEC
#ZcashFalls21%FromSeptemberPeak #zcash #crypto #MarketWatch