Recently, an interesting phenomenon has caught attention. Well-known investors the Winklevoss brothers directly invested $1.2 million to support ZEC development, while at the same time, a large transfer of $4.5 million flowed into a cold wallet. In comparison, retail investors are still panicking and fleeing, while big players are quietly positioning themselves.

This reflects a market divergence—the complete split between panic selling and smart money. The outflow of 18 million USDT may seem fierce, but the large-scale accumulation behavior happening simultaneously is the real signal.

From a regulatory perspective, the story of privacy coins is far from over. Increasingly strict policy environments are actually strengthening the demand for privacy rather than eliminating it. The logic is straightforward: as long as demand exists, value exists. The risk of delisting indeed exists, but that precisely indicates how deep the market’s desire for privacy features is.

The technical analysis also confirms this. ZEC’s RSI rebounded from a low of 25, and the MACD formed a golden cross—these indicators do not lie. From the bottom at 351 to the current around 360, the price is speaking through action. The key level is at 370; breaking through it would mark the start of a new cycle. If it cannot hold, it will continue to grind in the bottom range. But one detail worth remembering is that the 350 level already has the potential for a left-side positioning opportunity.