EVERY TIME YOU TALK ABOUT ZEC, IT'S A MYTH。

In 2025, at the end of September, ZEC was still at $53. At that time, it was a private currency that the market had forgotten for four years. From $290 in 2021 all the way down to less than $30, nobody mentioned it. Another private currency, Monero, has been taken down successively by dozens of trading platforms, and ZEC is the "next" that everyone has agreed to. Everyone is waiting for it to die。

AND FROM THEN ON, ZEC INCREASED 12 TIMES。

EIGHT MONTHS, ZEC WENT FROM $53 TO $600, UP TO $740. THE MARKET VALUE WENT FROM LESS THAN 1 BILLION TO CLOSE TO 10 BILLION AND RE-CROWDED TO 15 BEFORE THE ENCRYPTED CURRENCY。

ZEC is on the rise, but most people think it's a "private narrative" or an open army of Navar, Arthur Hayes, Mert Mumtaz, Balaji and Cobie。

BUT I BELIEVE THAT THE MORE IMPORTANT CONTEXT AND FACTOR IN THE RISE OF THE ZEC IS THAT THE MINERS OF BITCOIN ARE IN COLLECTIVE POSITIONS IN ZEC。

ZEC, EVERY TIME IT GOES UP, IT'S BTC, MEDIUM-TERM TOP

THE FIRST ONE TO FIND OUT THAT "ZEC" IS AT THE TOP OF THE BTC IN THE MEDIUM TERM EVERY TIME IT GOES UP IS SOME OLD BTC TRADERS ON TWITTER。

EVERY TIME ZEC SCALE RISES, THE BTC ALWAYS SHOWS A MEDIUM-TERM HIGH. TWO TIMES AT A TIME IS A COINCIDENCE. WHAT IF FOUR

AT THE END OF 2017, ZEC PULLED FROM $200 TO $870. THAT SAME MONTH, BTC SAW THE TOP $19,000. TWO ALMOST SYNCHRONIZED AT THE END OF DECEMBER, THEN ENTERED BEAR CITY TOGETHER FOR A YEAR。

AT THE END OF 2020 AND THE BEGINNING OF 2021, ZEC PULLED FROM $50 TO $220. BTC FIRST HIT THE MID-TERM PEAK OF $64,000 DURING THE SAME PERIOD. BTC GOES BACK TO 30,000, ZEC GOES BACK TO 100。

IN THE FOURTH QUARTER OF 2021, ZEC ALSO PULLED FROM $100 TO $290. THE BTC WAVE ENDED UP AT 69,000. THEN THE TWO ENTERED BEAR CITY TOGETHER FOR THREE YEARS。

NOW THIS ROUND, ZEC IS PULLING FROM 53 TO 600+, AND THE BTC IS TESTING RESISTANCE POSITIONS AGAIN AND AGAIN IN THE VICINITY OF 125,000 TO 127,000。

The technical analysis trader, Kira (@KillaXBT), also discovered and pointed out this view

MORE NOTABLY, THIS PATTERN IS LESS VALID IN OTHER MAINSTREAM CURRENCIES. ETH'S HEIGHT AND BTC'S SYNCHRONIZATION IS NOT AS GOOD. SOL, AVAX, THAT'S NOT TO MENTION WHAT HAPPENED AFTER. ZEC IS ALMOST THE ONLY ONE WHO CAN "STEP" AT THE TOP OF THE BTC CYCLE。

ZEC'S TRACTOR, LIKE SOMEONE'S WORKING WITH BTC'S RHYTHM. BTC NEAR THE TOP, START ZEC. AFTER BTC SAW THE TOP, ZEC WENT BACK IN SYNC。

Back now。

THE RISING TREND LINE AT THE ZEC LEVEL HAS COLLAPSED. BTC HAS A SHOCK NEAR $75,000. IF THE BTC FALLS BY 75,000, THE MARKET IS GENERALLY CONSIDERED TO BE LARGELY CONFIRMED AT THE TOP OF THIS ROUND OF CATTLE IN THE MEDIUM TERM。

IF HISTORY CONTINUES, IT IS NOW THE FOURTH ZEC-BTC RESONANCE WINDOW。

THEN THE QUESTION BECOMES WHY THERE IS SUCH A PATTERN. WHY ZEC, NOT OTHER CURRENCIES。

The answer may be hidden in the pool list。

ZEC MINE, ANOTHER GAME BTC OG SAVED

Opens the ZEC block browser to look at the past seven days ' calculator distribution: ViaBT 34.2%. Foundry 27.74 per cent. F2Pool 12.82%. 2 Miners 7.58%. Antpol 6.8 per cent。

The first 5 mines accounted for 89.14 per cent. Of these, 4 are: ViaBTC, Foundry, F2Pool and Antpool combined, 81.6 per cent。

AND ONE OF THE FOUR MACHINES THAT'S IN COMMON IS THE BTC, WHICH RANKS AT THE TOP OF THE 10, AND WE'LL BE INTRODUCED。

ViaBTC, which holds 34.2% of the calculus of ZEC, was created in Shenzhen in May 2016 by an early employee of Bitland, Yang Haipo。

After leaving Bitland, Yang ' s slopes began to stand alone. 2017 BCH fork, he was one of the strongest supporters. ViaBT dug out the first BCH block. After this war, Yang Haipo and Roger Ver were considered representatives of the BCH camp. ViaBT was the world's top five mines in the BTC. In addition to the mine operations, Yang Hill created the CoinEx trading platform in 2017, together with the subsequent ViaWallet wallet, the ViaBTC Capital Foundation, the CoinEx Smart Chain public chain, which created a complete encrypted ecological closure。

27.74% of the Foundry is the mining arm of the DCG Empire, and probably the most crucial part of the story。

Fundry Digital is a wholly-owned subsidiary of Digital Currency Group (DCG). DCG is the encryption consortium created by Barry Silbert, under the banner of Grayscale, Genesis Trading, CoinDesk。

Foundry USA Pool is the world's largest Bitcoin mine, accounting for 28% to 32% of the total BTC. Its clients are almost all listed minerals in North America. Marathon, Riot, CleanSpark, Hut 8, Core Scientific. These companies can't use the Chinese mines because of compliance requirements. It's fair to say that it's not the ability to sell. It sells compliance. SOC 1 Type 2 authentication, corporate-level statements, SLA support. This is a mining infrastructure service that is available to listed mining companies。

And then we look at the layout of Findry on the ZEC. On March 11, 2026, Foundry announced that he was going to make a ZEC mine. April 13, officially online。

ONE MONTH, COUNTING FROM 0 DID 2774%. THIS IS PROBABLY THE FASTEST CALCULATOR MIGRATION IN THE HISTORY OF ZEC MINING。

The ViaBTCs accounted for 68% of the calculations before the Foundry came in. After the Foundation came in, ViaBTC's share fell to 34%. Twenty-eight percent of the new ones, almost all of them taken away by Foundry. This North American institutional capital officially took over a large part of the infrastructure of the ZEC mine. The whole process took only a month。

The F2Pool, which accounts for 12.82 per cent, was the first bitcoin pond in China, whose influence is largely unknown to the domestic community. This is the oldest mining pond in the world that was created in April 2013 and is still operating。

F2Pool is still the top 5 on the BTC, and F2Pool is one of the first mining pools to support mining when the ZEC main network comes online in October 2016. If you comb ZEC's mining history, F2Pool almost runs all the way。

And that's 6.8 percent of the Andpool, the Bite continent's own mine。

Antpool was a self-employed mine launched in 2014 by the Bitcontinental. It's a direct link to the vertical integration of "minener producers + mine operators". Antpool on the BTC is the 2nd to 3rd big mine pond on the whole network. In ZEC ' s share, antpool ' s 6.8 per cent is not the highest, but it represents the direct interests of miners。

AND THAT CAN BE ADDED TO THE FACT THAT ZEC'S MINING ECOLOGY IS THE MOST NEGLECTED: ZEC'S SUPPLY OF MACHINES IS ALMOST ENTIRELY MONOPOLIZED BY THE BIT CONTINENT。

ZEC uses Equihash algorithms. And there's only one main mine that supports this algorithm: Bitmain Antminer Z15 Pro, a single machine about 860 kSol/s. Which means that the other manufacturers, MicroBT, Janan Avalon, have little or no product on the ZEC route。

THE ENTIRE ZEC NETWORK SUPPLY OF ASIC MINERALS, ALMOST ENTIRELY OWNED BY BITLAND。

The current full-network computing power 13 to 15 GSol/s, calculated by Z15 Pro single machine, is equivalent to 15,000 to 17,000 Z15 Pros running across the network. The net daily profit from single stations is approximately US$ 55 to 56 (US$ 0.07/dotr.)。

IN A SENSE, THE PRICES OF ZEC MACHINES, SECOND-HAND MACHINES, AND THE PACE OF SUPPLY OF NEW MACHINES ARE IN THE HANDS OF THE CONTINENT OF BIT。

IF THE LIST OF MINES IS ONLY INDIRECT EVIDENCE OF "THEY'RE DIGGING FOR MONEY", THE STORY OF HOLDING THE LIST IS EVEN MORE STRAIGHTFORWARD. BECAUSE THE MOST DIGGING ZECS, AND THE MOST HOLDING ZECS, ARE NOT TWO GROUPS。

The most typical examples are the Foundation and Grayscal。

According to Arkm chain data, Grayscale Zcash Trust holds approximately 390,298 ZECs, or 2.34 per cent of the supply in circulation. This trust is applying to the SEC for conversion to a spot ETF, which plans to put on board NYSE Arca, code ZCSH。

As noted earlier, the ZEC 27.74 per cent-possessed Foundation Digital is a fully-owned subsidiary of the DCG, while Grayscale Investments is also a fully-owned subsidiary of the DCG. Both are parent companies, both DCGs。

DIGGING, HOLDING, SELLING. DCG, A COMPANY, FINISHED THE ENTIRE ZEC LINK FROM MINE TO INSTITUTIONAL COMPLIANCE。

After DCG, ZEC's largest holder is Gemini, with the twin brother Tyler Winklevoss behind。

Gemini, as trustee, held most of the ZECs actually from Cypherpunk Technologies, the NASDAC CYPH, a biotech listed company called Leap Therapetics, which developed cancer drugs and laid off 75% of its employees in 2025, and basically shut down the main business。

On November 12, 2025, the company announced a transformation, renamed Cypherpunk Technologies, which became Digital Asset Reserve, DAT, dedicated to one thing: buying and hoarding ZEC。

Private fundraising on the day of the transition was $5.888 million, the only institutional investor being Winklevoss Capital. This is Tyler and Cameron Winklevoss brothers created VC in 2012. The whole round of "most of the money" raised privately came from this family。

Winklevoss Capital also sent his principal Will McEvoy to Cypherpunk's board of directors and put him on the CIO. And the first 203,000 ZECs were bought on the day of the Cypherpunk transition, and the trustee was Gemini。

Twin brothers in bitcoin circles, almost as deep as DCG. On both sides are early entrants to Wall Street from 2013 to 2014. Gemini and Graysdale are the two core nodes of the Wall Street compliance encryption route over the past decade。

Prices have risen, demand has risen, prices have risen and new equipment has been sold out. The money fell, the machine fell, the second phone was sold. The rhythm of the entire supply chain is carried out by the mines in conjunction with the miners。

It's a pretty good business。

After all, a PoW is never technology. It is the distribution of industrial benefits up and down the chain。

THE POND IS THE LARGEST NATURAL SELLER IN THE ZEC SPOT MARKET. THE ZEC (CURRENTLY 1.25 ZEC X 1150 BLOCKS = 1437 ZEC/DAY) IS DIRECTLY OWNED BY THE MINE. ONE YEAR IT'S 520,000 ZECS. THESE COINS WERE NOT TAKEN BY MINERS AFTER THEY HAD DUG, AND MOST OF THEM WERE RECEIVED BY THE MINES AND THEN DISTRIBUTED TO THE MINERS. THIS INTERMEDIATE POND HAS FULL TIME-POINT DISPATCH POWER, WHICH CAN BE SOLD CENTRALLY AT A TIME WHEN THE HIGH MARKET IS LIQUID AND CAN BE KEPT LOW。

The ponds have a full "currency bank". ViaBTC, for example, has a CoinEx trading platform that sells excavated currency directly to its own trading platform. F2Pool under the flag of Stakefish. Antpool backs on the financial operations of the Pet continent. Fundry follows the DCG’s entire financial system. They are both suppliers to the mine and distributors at the end of the trading platform, and the entire industrial chain is in their own hands, from digging to selling。

The pond has a decade of "synergy." On the BTC, synergetic behaviour between mine pools at certain critical points (stop packing, boosting forklifts, co-calculations) has occurred several times (predominantly 2017 BCH fork, 2017 SegWit). The same people do synergetic behavior on the ZEC, which is muscle memory for them。

ViaBTC, F2Pool, Antpool, the four companies that combined mastered ZEC 81.6% of the calculus, all of whose founders and parent companies were BTC's most familiar cycles in the last decade。

And Motivators pulled the payout addresses of the four head ponds, which were publicly marked by Zcashinfo, and there was no speculation。

The principal collection address of Findry is t1SqwRAAdSig6dE4EBLONAait219VmkUjP. From March 2026 to date, this address has received 22,696 ZECs -- that's all the mining proceeds of the Foundation for over a month. The data on the chain show that almost all of these coins were inserted into the Orchard Pool — the latest generation of ZEC's current shield, with Halo 2 zero-knowledge proof that they were completely untraceable。

The main collection address of ViaBTC was t1at7nVNsv6taLRrNrNvnQdtfLNRDfsGc3Ak, which cumulatively received 1.73 million ZECs at current prices, exceeding $1 billion. It's going straight into the Sapling Block (Zcash last generation). The mode of movement of this address is very stable, with a centralized transfer to Sapling Pool for every 5 to 8 blocks。

F2Pool received a cumulative total of 5.87 million ZECs at its three main collection addresses. The current balance for both addresses is 0. The distribution method is mixed, partly into a transparent address and partly into the Sapling shield。

Antpool has the lowest distribution frequency, more money is in its own hands, and in recent times it has hardly been launched。

ZEC IS OPTIONAL PRIVACY AND THE USER DECIDES WHETHER TO USE THE SHIELD OR NOT. IT'S THIS "OPTIONAL" DESIGN THAT ALLOWS ZEC TO SURVIVE AT THE REGULATORY LEVEL. AND IN THE FOUR MAIN MINE PONDS, THE CORES OF THE THREE WERE ALL SET UP IN THE SHIELD POOL。

On the BTC, we can also calculate how much money each mine is charged to Coinbase, Binance every day, track every large transfer, and spell out the life cycle of each mine, which is done by specialized analysts. But on ZEC, the data on the chain is almost invisible。

WHEN THE MONEY GOES INTO THE SHIELD, IT IS ALMOST INVISIBLE HOW, TO WHOM, AT WHAT TRADING PLATFORM, AT WHAT PRICE. THE HIDDEN NATURE OF THE POND ON THE ZEC IS A SCALE HIGHER THAN THE BTC ERA。

ZEC, THIS TOKEN, WAS BORN BETTER THAN BTC. AND HOW COULD THE HEAD MINERS OF BITCOIN LET GO OF THE ZEC