#数字资产市场动态 I’ve been pondering one thing. To be honest, the key isn’t about price fluctuations, but about the true circulation pattern of the ZEC token.

On the surface, ZEC has a total supply of about 16 million coins, which is public data. But there’s an easily overlooked detail in the market—

Nearly 30%, over 5 million coins, are locked in shielded addresses.

These coins have only one characteristic: extremely poor liquidity. They hardly move, and short-term price fluctuations can’t shake them.

Removing this portion, the ZEC that can truly be freely traded and transacted at any time is actually just over 10 million coins.

The key point is, this is static data.

Once the market enters an upward cycle, the willingness to continuously sell in the market will decrease. The higher the price goes, the more reluctant holders become to sell, and the truly "liquid" coins become more scarce.

Suppose the price is pushed close to the $1000 level, my view is:

The amount of ZEC that can truly circulate freely may shrink to a range of 8 to 9 million coins.

Under this structure, the spot inventory on exchanges might only be in the tens of thousands of coins.

What does this indicate?

It shows that the market’s bottleneck is no longer "enough buy orders," but "enough coins to sell."

In other words, the current discussion about supply tightness probably only scratches the surface.

The real liquidity pressure may not have fully arrived yet.

When both the price and available chips are compressed simultaneously, the market usually doesn’t give much warning before a move.