Recently, the short liquidation data for ZEC in the market has been quite interesting, with the amount of short positions liquidated surprisingly ranking first.

Some are beginning to re-examine the value proposition of anonymous coins. From a technical perspective, privacy protection has indeed been one of the original core demands of cryptocurrencies. Now, mainstream coins are becoming increasingly transparent, with all on-chain data 공개, institutional holdings, and large holder movements fully visible.

In contrast, privacy coins like Zcash have retained the fundamental spirit of the early cypherpunk movement—true resistance to censorship and privacy freedom. Of course, market trends still depend on capital flows, but this narrative angle offers an alternative way of thinking: how should decentralization be defined? Is it about distributed ledger technology at the technical level, or user-level privacy sovereignty?

This discussion is quite worth paying attention to.