Why is ZEC pumping so much? 1. Grayscale ETF is absorbing spot. ZCC has grown from $430M–$460M since August 25, with an increase of about 445K ZEC. Institutions are buying spot, not contracts. 2. Circulating supply is locked up. Shielded pool holds about 4.85M ZEC (nearly 29% of supply), so the tradable float is much tighter than it looks on paper. It doesn’t take much money to move the price. 3. Shorts are still giving in. Contract OI is around $2.4B, with futures volume over 10x spot. On September 6, $44M in liquidations happened in a single day, with 94% being shorts. On Hyperliquid, Garrett Jin has been shorting from $444 to now, with 32K–40K ZEC, floating losses exceeding $25M. His liquidation price is between $2290–$2540, and he’s still adding to his position. Funding rate is only about +0.01%, showing shorts haven’t exited yet—fuel is still there. 4. This is ZEC’s own rally. DASH and ZEN haven’t followed. Naval, Arthur Hayes, and Grayscale are all talking about the privacy narrative—it’s not just sector rotation.