I just recently noticed that $ZEC 's recent market movement is really quite intense, with a surge close to 30% on Tuesday, pushing the price directly to $543. Over the past week, it has increased by more than 29%, indicating a shift in market attitude towards privacy coins. Even more astonishing is the scale of liquidations triggered by this rally; it is said that about 5,000 traders were liquidated, with the total liquidation amount approaching $62 million, mostly from short positions. Such a large-scale liquidation is quite rare in the privacy coin market, which already has relatively low liquidity.

The driving force behind this seems to be the investment firm Multicoin Capital, which has been accumulating a large position in $ZEC$ since February. Co-founder Tushar Jain mentioned in the community that they value Zcash as a privacy asset, especially given the policy background in California, such as the "wealth tax." His reasoning is: Bitcoin, while resistant to censorship, has fully transparent account balances, and tax authorities can see your assets using blockchain explorers; but Zcash's shielded pools can hide transaction details, making it a truly private asset.

Currently, about 30% of $ZEC 's circulating supply is stored in anonymous addresses, a significant increase from 8% at the beginning of last year, indicating that funds are indeed being allocated toward this direction. $ZEC is currently priced at $554.64, with a year-to-date increase of over 1,400%, but it still has room to reach last November's high of $750. The next resistance level for the bulls to break through is between $600 and $650, which was a dense consolidation zone at the end of last year. Whether it can break above this range will determine the magnitude of future liquidation risks.