Dear friends in the crypto world, today I want to discuss a coin that has recently been showing dizzying movements—ZEC. That's right, an old face in the privacy coin field. Recently, its market action has been like a suspense thriller: bulls and bears battling, emotional clashes, technical signals flying all over the place… it’s been full of surprises.

**Starting with a bang: Margin Call Data is Shocking**

After years of watching the market, I’ve rarely seen such an uneven margin call ratio between bulls and bears. In the past 24 hours, short positions have been liquidated to a scale of $4.49 million, while longs only $560,000. This isn’t a fair fight; it’s a one-sided crushing. The downward momentum is ridiculously strong, like a high-speed train unable to stop.

Even more surreal, the rebound price is stuck between the EMA7 and EMA25 lines, tightly squeezed. The $535-$540 range acts like a dividing line: breaking above could bring a breather or even a counterattack; if it fails to break through, it’s likely just the prelude to the next wave of decline.

**The interesting disconnect between sentiment and holdings**

The current divergence is quite intriguing. Retail traders are shouting “bottom fishing” loudly, with long positions rising to 58.9%, as if everyone believes the bottom has been reached. But what about institutional players? Derivatives data shows a shorting ratio as high as 69.1%. These seasoned traders clearly aren’t buying into the hype and remain firmly bearish.

This divergence itself indicates a problem. Institutions continue to be bearish while retail traders are wildly bullish, and such a split often signals that one side will be heavily liquidated soon. From a technical perspective, the key is whether the price can hold above $535—that’s the critical point to open up the market.