ZEC Upgrades Alone: Is It Hard or Strong? Let's watch the KOL debate between long and short positions On September 10th, due to macroeconomic factors, the cryptocurrency market weakened again. Bitcoin fell below $78000 this morning, and on chain liquidity is also facing a significant retreat. But ZEC didn't follow suit. The price briefly approached $1300 during the market pullback, reaching a high of around $1296-1298 on the 9th. Currently, it is still digesting around $1210-1240, maintaining the strong upward trend of this round. For a token that started rising from $50 and is approaching $1300, with a strong increase of about 45% -50% in the past week, 'the market is falling, it's not following' itself is the most prominent signal of this round. ZEC/BTC has roughly doubled in the past 30 days, with its market value returning to around $20 billion and stabilizing in the top ten. When Orchard was in turmoil in June, it was still around $250, but now it has emerged from an independent market trend. But the question arises: is this the essential resistance to decline after narrative and valuation reshaping, or is it the last fish tail caused by inertia after the climax? The editor has compiled representative long and short views of KOLs in the market recently for everyone to take a look at. ⬇️ The bulls: Independent market trends validate strong logic one ⃣ Anselm @ blknoiz06 | Trader/BullpenFi | XHunt Global Ranking: 17 Judgment: ZEC's core holdings are stable, and the narrative is still spreading. Viewpoint: Anselm believes that the combination of "hard currency+private value storage" has never been so complete, and Zcash has a core group of holders who do not set short-term selling targets. He put ZEC on the mainstream position observation list and believed that if privacy continues to dominate the mind of this round, funds will not only stop in the circle of old holders, and speculative positions on the chain may also be brought in. The market has rebounded while the price has not broken, which is in line with his judgment that it is not a short-term selling market. two ⃣ Matt Hougan @ Matt-Hougan | Bitwise Chief Investment Officer | XHunt Global Ranking: 1194 Judgment: Privacy will become an independent asset category, and ZEC is one of the asset allocations in the ten-year dimension. Viewpoint: Hougan divides the next decade into three categories: BTC to hedge against currency depreciation, ZEC to hedge against privacy needs, and tokenization. The more Bitcoin moves towards the institutional market, the more it will generate a demand for assets outside the system, and Zcash is filling this position. In his view, today's "BTC weakness and ZEC resistance" is a clear indication of the two types of assets starting to diverge. three ⃣ 0xTodd @ 0xTodd | XHunt Global Ranking: 1296 Judgment: The rise first comes from channels and structures, rather than suddenly everyone starting to use privacy. Viewpoint: Monroe enforced privacy and was subsequently taken down by Binance, Coinbase, and others; ZEC allows transparent addresses and private addresses to coexist, without equal restrictions on liquidity and transaction channels. The Chinese community does not deny the controversy, but believes that this round of prices first reflects the scarce position of "privacy coins that can still be bought by institutions". four ⃣ DeFi Teddy @ DeFiTaddy2020 | XHunt Global Ranking: 1813 Judgment: Western capital is enthusiastic about ZEC because it is like a "privacy+leverage" version of Bitcoin. Viewpoint: 1. Monetary policy benchmarking BTC -21 million limit PoW、 Bitcoin fork lineage - simultaneously using zero knowledge proofs to supplement privacy that cannot be solved by transparent ledgers. 2. The weight of privacy in the West is higher than that in the East, and it is more ambiguous. 3. Currently established as a privacy leader. 4. Optional privacy makes ZEC easier to comply with than Monroe, which enforces privacy, and reduces regulatory pressure relatively. Bearer: ZEC narrative FOMO, but not optimistic about fundamentals one ⃣ Wang Chun @ satofisi | Co founder of F2Pool | XHunt Global Ranking: 871 Judgment: This round of ZEC is a narrative bid, not a fundamental reassessment. Viewpoint: Wang Chun posted continuously on September 8th, stating that a large market value does not necessarily deserve to be in the top ten. He caught four old accounts in a row: ·Early 20% block reward as Founders' Reward ·Privacy is optional rather than default ·Long term tug of war in governance ·Orchard vulnerability has been lurking for about four years and the blocking pool cannot verify the total supply like Bitcoin In his opinion, the resilience of Zcash today may only be due to the fact that privacy themed funds have not been fully dispersed, but it does not mean that Zcash has become a network of the same level as Solana and Hyperliquid. two ⃣ Shenyu @ bitfish | Co founder of F2Pool | XHunt Global Ranking: 531 Judgment: Long term avoidance on a personal level. Viewpoint: Shenyu mentioned that the Zcash mine transformer was struck by lightning on the night of its launch, and there has been no ZEC in the personal wallet since then. Although this has its own personal color, it also indicates that this BTC og did not consider ZEC as his "own coin" from the beginning. Stacked with Wang Chun, it forms the most typical background of OG in the Chinese region - it's not that they can't understand the price increase, it's that they don't recognize this account. three ⃣ Blue Fox @ lanhubiji | XHunt Global Ranking: 1514 Judgment: Conceptual disputes and prices can be separated, but the original sin of the path will not disappear. Viewpoint: Blue Fox believes that whether ZEC has someone in charge and whether it can make money are two separate things. The core of Punk's real disagreement is not whether it will rise, but that it has never taken the path of "ownerless, default privacy, fair start" like BTC and Monero since its inception. Corporatization, founder rewards, optional privacy Viewing Key， Make it easier to comply, but also make it harder for the old school crypto community to foot the bill. four ⃣ Garrett Jin @ GarrettBullish | Agent of "1011 Insider Whale" | XHunt Global Ranking: 2558 Judgment: The increase in ZEC is due to crowded trading and short selling, not a second stored value asset that has already been priced; Continue to express this judgment using leverage short positions. Viewpoint: In early July, the average price of opening a short position on Hyperliquid was about $444. After the price increased by 1200, the floating loss exceeded $20 million, and the position is still being increased. The size of the short position has expanded to about $47 million at one point, with a liquidation price of about $2292. During the Orchard controversy in June, he made over ten million yuan in a single round, but later went long and short repeatedly. At present, as the largest and most obvious bear, ZEC has not yet given up and left, indicating that it is still being hyped up as a theme. ⭐ Summary: This round of ZEC is no longer just about "old brand knockoffs to make up for the gains". Looking back at it within the pricing framework of the cryptocurrency industry, a more accurate judgment is that it has entered a stage where "strong narrative+strong funding" are simultaneously established, which can be called the "Davis Double Click" of the cryptocurrency industry. In the English section, it is written as' insurance against Bitcoin ': the same 21 million limit and halving, supplemented by privacy that transparent ledgers cannot achieve. AI monitoring, Bitcoin institutionalization, wealth tax, and on chain analysis have turned this anchor point from a geek issue into a communicable asset story. And the grayscale spot ETF has completed the final step - privacy is no longer just a dark web association, but can appear in brokerage accounts. But is the application logic of privacy coins really on the same track as Web3 mass adpotion? Will Zcash still experience early reward block crashes and other privacy vulnerabilities? These still need to be measured on a yearly, even ten-year scale.