$ZEC / Zcash

Retail has been fighting a losing leverage war for the last few days on $ZEC.

While they have been trying to aggressively short this recent pump, mid-sized and whale-sized wallets are aggressively consuming those orders and causing a retail-based short squeeze.

Here are the participants by wallet size to show you the real flow behind the recent price action:

Retail (0 - 1k): A massive, sustained sell-off over the last week. Retail has been aggressively shorting into this pump and consolidation, but they have been squeezed and used as liquidity for the move up.

Mid-Sized (1k - 100k): Strong, sustained buying pressure. These players were the initial absorbers, scaling in against the retail shorts.

Whales (100k - 10M): The heaviest buying and true confirmation. The largest players were scaling into every retail sell order, absorbing the entire supply that was offered (and more).

The momentum has clearly shifted but retail is still trying to call a local top. They are seemingly exhausted, and the buying force has been too massive to break down the chart.

It's risky to keep trying to short this uptrend. You are fighting the $163M wall of institutional-sized capital.