Looking at the market data for ZEC, it really feels oppressive. The price is in a downward movement, but what is more concerning is the underlying capital data. This wave of market action, rather than being a whipsaw, is more about the collective "escape" of institutions and Large Investors.

**The Harsh Reality of Capital Flow**

There is no good news, only data speaks. From the 5-minute to the 1-hour chart, there is only one direction for funds: a net outflow. The key point is that in the last 4 hours of the spot market, the net outflow directly hit 6.46 million USD, with a change rate close to 500%. What does this mean? Large Investors and institutions are withdrawing decisively, without hesitation.

The contracts here are even harsher. In just the 4-hour period, the net outflow has exceeded 15.31 million USD. Leverage funds are not only refraining from bottom-fishing, but are instead accelerating their exit or directly shorting.

The simultaneous exit of spot and contract trading has created a "resonance" in funds—this is the most dangerous signal. From long-term holders to short-term speculators, everyone is voting with their feet, with no buyers to take over, only sellers, making it hard for prices to rise.

**Technical Analysis: Standard Downward Movement Pattern**

The 1-hour chart exhibits a textbook-style downward movement. Moving averages and various oscillators are all sell signals. Currently, it is trapped between two key positions: the upper resistance at 425, which is a hard top for rebounds (also the dividing line between bulls and bears), and the psychological barrier at 400 below. Each rebound seems like a "smokescreen," followed by further declines.

There are no signs of a reversal in the short term at this pace.