🔐 Raoul Pal Says Zcash Rally Looks Like Capital Rotation, Not a Structural Bull Run 📈
The sharp rise in Zcash ( $ZEC ) may be more about short-term capital rotation than the start of a lasting bull market, according to Raoul Pal, founder of Real Vision and veteran macro investor.
📈 Big Gains, Fading Momentum
Zcash is up an eye-catching ~699% in 2025, trading near $385. But momentum has cooled—ZEC is down ~37% over the past month, raising questions about sustainability.
🧠 Pal’s Take
Speaking on the When Shift Happens podcast, Pal said the move hasn’t yet proven itself as structural.
“We can’t prove it until the whole market goes up and it continues to trend—not just rotate,” he said.
In short, Pal believes the rally reflects speculative repositioning within crypto rather than long-term conviction.
🧱 What to Watch Next
For Zcash to validate a durable trend, Pal says it must form a stable price base and then resume higher—showing buyers are stepping in for the long haul, not just taking quick profits.
💬 Chasing? Not Yet.
Despite strong year-to-date gains, Pal isn’t eager to chase ZEC at current levels, hinting he’d prefer buying on a future down cycle.
🌐 Why ZEC Spiked
Market cap surged from <$1B to >$7B by early November
A late-October comment from Arthur Hayes (suggesting ZEC could reach $10,000) sparked a ~30% jump in 24 hours
Growing interest in privacy coins amid surveillance and regulatory concerns
🏛️ Institutional Signal
On Nov 27, Grayscale filed to convert its Zcash Trust into a spot ETF, potentially widening institutional access and keeping ZEC on investors’ radar.
{spot}(ZECUSDT)
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