Why is it the privacy sector again? Are the brothers who shorted ZEC doing well?

Bitcoin hasn't climbed out of the mud yet, but the privacy sector has already exploded.
In the past 24 hours, NIL rose 33%, DASH increased 20.5%, ZEC surged 17.35%, even briefly breaking $688.
Just a little over ten days ago, ZEC was still hovering around $320.
It doubled in less than 10 days, then sharply corrected again, then surged again—this speed and volatility are like the Gray Wolf in the crypto world.
That brother who shorted ZEC with a loan, are you doing okay?
Last time ZEC surged significantly, some brothers posted pictures of borrowing 200k to short.
I once said: ZEC will eventually bankrupt 90% of the stubborn holders.
Not because it's bad, but precisely because it's too fierce.
Its high volatility is not something most people can withstand.
Why is the privacy sector "booming" again?
This round of collective surge in privacy coins looks like "fund rotation" on the surface—Bitcoin fluctuates between 76k and 78k, some funds flow out of mainstream assets and into the privacy track.
But the deeper reason is much more complex than that.
The first layer is the "quantum threat" narrative.
Quantum computing's threat to existing encryption systems is no longer science fiction.
Zcash is doing one thing: planning to launch a quantum-recoverable wallet within a month, aiming to achieve full quantum resistance within 12 to 18 months.
In other words, while Bitcoin is still discussing "what to do about quantum attacks," ZEC is already reinforcing its defenses.
This narrative is being accepted by the market.
The second layer is the easing of regulatory pressure.
The US SEC has ended its investigation into the Zcash Foundation without enforcement action.
This news directly pushed ZEC up 12% in a single day.
Under the background of regulatory "loosening," suppressed demand for privacy coins is beginning to be released.
The third layer is the actual growth in adoption data.
Zcash's shielded pools (completely private ZEC) now hold 30% of the circulating supply, hitting a new high in history.
This is not hype; people are actually using it.
These three factors together form the "trinity" logic behind this round of privacy sector rally.
DASH rose 12%, Monero followed suit, ZEC led the rally—this sector is telling a separate story under the shadow of Bitcoin's sluggishness.
After ZEC hits $680, where is the ceiling?
After ZEC broke $688, everyone's question is the same: can it still go up?
Will it fall apart?
From a technical perspective, ZEC has broken through the key resistance at $560, and analysts are targeting $625 and $680 next.
$680 has been reached, so what next?
Some see $800, others see $1,000.
But I suggest you calm down and look at another set of data.
Open interest in ZEC futures has risen to about $1.23 billion in the past 24 hours, a 35% increase.
What does that mean?
Leverage funds are pouring in wildly.
And leverage is always a double-edged sword—it can make gains sharper, but also make crashes more brutal.
Look at that "largest short position in ZEC," #TradFi交易分享挑战