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ZCash dropped 14% in the past 24 hours, yet on-chain data suggest conditions for a potential recovery toward $1,000. Miner profitability remains strong, trading volume surged 138% to $4.61 billion, and spot investors accumulated $34.46 million worth of ZEC in 24 hours, signaling renewed market confidence.

Arthur Hayes, co-founder of BitMEX, explained that sovereign governments consistently favor gold over Bitcoin, while individuals increasingly embrace cryptocurrency for personal autonomy. He noted that central bank officials face minimal career risk when acquiring gold, whereas buying Bitcoin carries reputational exposure if prices decline sharply. Hayes attributed every major Bitcoin bull run to large-scale money printing by the U.S. and China, and noted that central banks began accumulating gold after the U.S. froze Russia's reserves in February 2022.

Large movements from dormant Bitcoin addresses have sparked speculation that early holders are liquidating. On-chain analyst Willy Woo argues the data lacks context: many transactions involve security upgrades, institutional custody transfers, or treasury restructuring rather than outright sales.

Bitcoin long-term holders have been selling more than 1,000 BTC per hour since early 2025, according to on-chain data from Capriole Investments. The cryptocurrency currently trades nearly 19% below its October all-time high of $126,000. Market analysts remain divided on whether the selling pressure represents normal bull-cycle consolidation or signals a deeper correction driven by large-holder distribution.

On-chain data indicates Bitcoin may be forming a price bottom after sustained selling pressure since mid-October. Four key metrics reveal weakening speculative short positions and increasing buying power, according to analysis by Sunny Mom on CryptoQuant. BTC currently trades around $102,510.

Long-inactive Bitcoin wallets have resumed activity in 2025, moving more than 1,000 BTC per hour, according to on-chain data. A notable transaction involved 3,600 BTC valued at approximately $372 million, with 500 BTC transferred to Kraken. Bitcoin currently trades around 19% below its October high of $126,000.

Zcash (ZEC) reached $676.64 on January 9, 2025, marking its highest price since January 2018. The privacy-focused cryptocurrency posted a 26% gain in 24 hours and surged 1,486% over three months. ZEC now ranks 18th by market capitalization at $11.2 billion, surpassing Sui, Avalanche, and Litecoin.

Bitcoin retested the $100,000 level during its recent correction, triggering significant liquidations. Analyst PlanD identifies the 50-week exponential moving average at $100,700 as critical support. A sustained weekly close above this threshold could enable a rebound toward $116,000–$120,000 in the short term.

Digital asset liquidity expanded from $180 billion to $560 billion between 2024 and November 2025, representing a threefold increase driven by institutional adoption and ETF launches. Data from Wintermute shows that since August 2025, ETF inflows and stablecoin issuance have slowed significantly. Analysts attribute the shift to tighter monetary conditions, profit-taking, and reduced risk appetite following an extended bullish period.

Bitcoin is trading around $102,405 while struggling to hold above $100,000, with total cryptocurrency market capitalization falling to approximately $3.34 trillion. Bloomberg senior macro strategist Mike McGlone warns the current price level represents a critical juncture, noting that unusually low volatility may indicate underlying stress rather than stability. The correlation between Bitcoin and the S&P 500 remains above 0.53, reflecting continued alignment with traditional equity markets.