ZEC Faces Potential Sell Pressure as 200,000 Coins in Circulation

Zcash (ZEC) has seen approximately 200,000 coins mentioned as potential sell pressure. Levi mining pool founder Jiang Zhuoer stated he will not engage in ZEC trading due to an information gap surrounding large spot holdings and short positions. According to Blockbits, after ZEC dropped to $1,445, questions intensified around Garrett Jin's short position. Jiang Zhuoer suggested that Garrett Jin's disclosure of substantial spot holdings might have been a move to attract counterparties for his shorts. He explained that the roughly 200,000 ZEC coins reportedly held by Garrett Jin account for about 1% of total supply. If this volume hits the market, it could weigh on price. However, whether these coins will be sold remains unconfirmed. Jiang Zhuoer said, 'For such 'power coin' markets, being at a disadvantage in information compared to counterparties means I won't trade.' He emphasized that he avoids trading due to information asymmetry between large holders and market participants rather than predicting price direction. The core of this controversy lies more in the potential impact of large spot holdings and short positions on the market than ZEC's price movement itself. Further confirmation of actual volume movements and changes in short positions will be monitored.