#特朗普家族币 Recently, I have been pondering the true situation of ZEC and discovered an easily overlooked logic behind its price.

The surface data isn't anything special—ZEC's total supply is about 16 million coins, which is public information. But if we look deeper into the circulation structure, the problem arises.

Actually, nearly 30%, over 5 million ZEC, are locked in shielded addresses. These coins share a common point: they simply cannot flow out. They don't trade or participate in price fluctuations, as if they are frozen.

Excluding this part, the truly tradable circulating coins in the market are only a little over 10 million. It still sounds like a lot, but this is the most ideal scenario.

Once the price pushes upward, the situation changes. Holders are reluctant to sell, their willingness to sell drops significantly, and the available circulating chips become increasingly tight. The higher the price, the stronger the reluctance to sell—that's human nature.

Suppose ZEC is pushed close to $1000. I tend to believe that the actual freely tradable supply might shrink to around 8 to 9 million coins. Even more extreme, the spot inventory on exchanges might only be a few hundred thousand coins.

What does this indicate? It shows that the factors constraining the price have changed. Previously, it was "Are there any bagholders," now it’s "Are there any coins to sell."

So, the current discussion about supply tightness is just the tip of the iceberg. The real liquidity crisis might just be beginning. When both price and available chips shrink simultaneously, the market usually doesn't give a warning in advance.