I look at @Zcash and it does not feel like the usual privacy hype to me.

BTC fell ~44% over the last 10 months while ZEC roughly 2x, lifting the ratio from 0.45 to 7.68 milli-BTC for a 17 times relative gain and daily turnover collapsed from 22.5% of market cap down to ~2.4%.

Here's what the data says👇

➥ Roughly 30-35% of supply is now locked in the shielded pool (Grayscale trust, Cypherpunk holdings and the protocol lockbox)
➥ Sellable float got absorbed by holders who simply do not sell
➥ The June counterfeit risk caused a 50% drop yet price made a new local high eight weeks later

To me this is float destruction turning $ZEC into a partial bitcoin substitute at just 0.66% of BTC mcap so I remain long.

https://x.com/YashasEdu/status/2085248262697857323