the data on zcash today is genuinely weird and i can’t explain it

bitcoin crashes below 68k and liquidates 1.2 billion dollars in positions today and somehow zcash is up 13% on the same candle. that’s not a correlation that’s an inverse and nobody in the comments of any post i’ve seen today is talking about it

the on-chain stuff makes it weirder. shielded supply went from 8% of total zec to 30% in about two years and the growth is leading price not following it which matters because every previous zec rally showed the opposite pattern. price pumped first, shielded supply stayed flat, rally faded. this time the actual usage metric moved first and multicoin disclosed they’ve been accumulating since february calling it the cleanest expression of a specific thesis they didn’t fully spell out

franklin templeton’s CEO said something on stage this week that i keep thinking about. she said wall street fears blockchain because it threatens a huge number of their existing business models. coming from a 1.5 trillion dollar asset manager that’s been quietly building onchain infrastructure for two years that’s not a neutral observation

and then yesterday, completely quietly, anomapay just launched on ethereum mainnet. no hype. no influencer campaign. 15 second zk transactions, payment links you send over telegram, fees paid in whatever token you’re already holding, works with wallets people already have. the one app that makes stablecoin transfers actually private dropped on june second while everyone was watching bitcoin liquidation charts

stablecoins are processing double visa’s annual volume on fully public ledgers right now. every transaction permanently visible to anyone with a browser. someone at multicoin figured something out in february. franklin templeton is warning about it on stage. and the infrastructure to fix it just went live yesterday