Zcash fixed the flaw that nearly halved ZEC, and $926 million in leverage now tests the rebound
Zcash activated Ironwood on July 28, sealing the old Orchard shielded pool and replacing it under NU6.3 with accounting that makes circulating supply verifiable from activation onward. The upgrade blocks new Orchard outputs and allows withdrawals only through a turnstile that limits outflows to legitimate inflows, while migrations move valid balances into the new pool. ZEC’s price has weakened despite the protocol fix. It traded around $474 after briefly reaching $585.80 on July 15, then fell more than 18% and slipped below the $500 area that had held for much of July. Earlier, a critical Orchard flaw found on May 29 triggered a sharp selloff, as traders priced in potential private-pool monetary risk even without evidence of real supply damage. Derivatives activity is heavy, with open interest near $926 million and futures volume far above spot, so liquidations can drive big swings. Bullish recovery needs a daily reclaim of $500, then $530 and $550; failure to hold $500 could send ZEC toward $408–$411 and then about $370.
