Once it was the "king of privacy" among the population, carrying the mystery of the dark web, the favor of institutions, and that alluring technological halo, charging upwards. At that time, talking about ZEC brought light to the eyes — Grayscale was about to launch an ETF, large institutions were quietly accumulating, and whales were swimming among them, as if it was destined to rewrite the narrative of privacy in Crypto Assets.

The market never shows mercy.

Looking at ZEC now, the price has been sliding down, almost unrecognizable from its former self. It can drop by more than ten percentage points in a single day; although the trading volume is still there, the lines on the chart resemble a weary electrocardiogram, occasionally struggling but ultimately returning to silence. On the technical side, those moving averages and indicators are all turning down, as if softly saying: "The market makers are no longer playing."

Yes, Grayscale is still applying for an ETF, and there are institutions saying they want to stockpile 5%. The news is still dressed in a glamorous coat, but the price has stripped off all disguises. A Whale is deeply trapped, suffering heavy losses. Although there have been some small purchases recently, it seems more like gestures of picking up floating debris before the ship sinks, powerless to turn the tide.

It used to rise crazily, now it has fallen completely.

This is not a coincidence, but rather a kind of return - back to where it should be. There is no myth of perpetual rise, especially when the excitement fades, the narrative exhausts, and the main force turns away. The so-called "treasure" is merely a piece of paper blown up into the sky when the wind rises; when the wind stops, it drifts back to its original place, or even falls lower.

Maybe ZEC will occasionally bounce back, and perhaps there are still followers waiting for a miracle.

But the trend speaks for itself. When it rises, it's magnificent; when it falls, it's like a dream from which you can't wake up. And when the dream ends, you can see clearly: some things were never treasures, just stones illuminated by the light for a moment.

In the world of Crypto Assets, myths are woven every day, and bubbles burst all the time. ZEC is just one of those stories; once it’s told, the lights go out, and the curtain falls. And where it ultimately needs to return is simply where it was meant to be—there are no halos, no myths, only real value or no value at all. $ZEC ‌#十二月行情展望