Recently, the movement of ZEC has left many people puzzled. The bulls are heavily suppressed, with liquidations occurring in dense clusters that are astonishing, yet the RSI indicator has already fallen into an extremely oversold region. When you open the chart, you'll see two voices colliding fiercely: one shouting "The golden pit has appeared, it's time to buy the dip," and the other shouting "The market is just beginning to dip, chasing the falling knives is suicide." This opposition is dizzying to watch.

Let's start with the most critical discovery: the essence of this wave of market movement is not about "rebound or further decline," but rather the main force precisely harvesting retail traders' positions. The apparent oversold signals are actually a trap. The consequences of blindly buying the dip now are similar to the risk of picking up coins on a highway.

A set of data makes this clear. In the past 24 hours, the liquidation volume of ZEC long positions is 18.6 times that of short positions. What does this mean? It indicates that a large number of retail longs have been concentratedly liquidated. They initially thought they could hold on, but instead, they were counterattacked and wiped out by the main force. Looking at the RSI indicator again, it has indeed entered the traditional oversold zone (below 30). According to conventional theory, an extreme condition should trigger a rebound.

But there is a deadly risk hidden here. Data from a mainstream compliant platform shows that the short position ratio has already reached 75.1%, which is the "bearish vote" cast by large funds with actual capital. In comparison, retail traders hold a fraction of the chips and market information, which is nowhere near the same level. This game has been unequal from the start.