$ZEC is up roughly 170% over the past 30 days, but the price move is not the only thing worth watching.

Around 4.91M $ZEC is currently in shielded pools, roughly 29% of the 16.94M ZEC issued. On Sept. 16, shielded transactions made up about 50% of all transactions.

That is interesting on-chain activity, but the numbers need context.

ZEC sitting in a shielded pool is not the same as ZEC being used for private payments. And the pool balance alone cannot tell us how many people are actually using Zcash.

Ironwood, activated in July, now holds around 3.96M $ZEC and introduced a public turnstile that makes shielded supply auditable.

What stands out to me is the gap between the price move and the change in shielded supply.

$ZEC ‌ has moved much faster than the share of supply in shielded pools.

So I’m watching one thing closely: whether actual privacy usage keeps growing, or whether the market narrative is simply moving faster than the underlying usage.

Those are two very different signals.

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