If you've been watching ZEC's candlestick charts recently, you might find yourself rubbing your eyes.

The overall market is swinging gently, but ZEC is stubbornly pushing upward. It’s up nearly 5% in 24 hours, reaching a high of $594, with the seven-day moving average at $549, and the twenty-five-day moving average at $491, firmly standing on top, with a short-term bullish arrangement that’s textbook. The trading volume of $110 million is right there—this is no joke.

Some say it’s because regulation has been implemented—The Zcash Foundation has waited two years, and the SEC investigation has finally ended, with no fines, no enforcement, no follow-up. This is definitely a confidence booster; at least institutions are willing to take a serious look. Plus, the foundation’s account holds over $30 million in liquid assets, including cash, Bitcoin, and ZEC, enough to stir things up for a while.

But do you really think it’s that simple?

I tell you, this coin can keep rising not because of good news or advanced technology. News is just a pretext; the real trump card is one—most of the coins are in the hands of the big players.

The big players hold the lifeblood of this coin. The high concentration of chips—what does it mean? It means the circulating supply on the market is pitifully small. If you want to buy, you have to go to them; if they want to push the price up, no one can stop them. It’s not because they’re so capable, but because they hold so much—enough to ignore selling pressure.

Worried they might push the price up and then get buried? Then ask yourself: who would bury them? The retail investors’ tiny holdings aren’t enough to fill their teeth. The real opposing traders have either left early or never entered at all. Their cost of pushing the price up is far lower than you imagine. A ten-point rise costs little—because the sell orders are as thin as paper.

Even more ruthless, they’re not afraid of you not following. The more you watch and miss out, the more anxious you become, until finally you can’t resist chasing in. That’s when they start slowly distributing. Right now? They’re still in the show stage.

Of course, there are risks too. On-chain data shows a sizable leveraged long position around $494.5. If the market suddenly crashes, a liquidation cascade isn’t a joke. But the big players know this well—so long as they don’t crash the market themselves, this order remains stable.

Honestly, ZEC’s current trend has little to do with fundamentals or technicals. It’s all a game of chips. The big players are the directors, the stars, and the stagehands. If you want to watch, sit in the audience and applaud; if you want to play, you’d better think carefully—when will they take their final bow?

Don’t ask why they can keep pushing. The answer is: the coin is in their hands, and they call the shots. $ZEC ‌#30年期美债收益率突破5%