2025-11-23 03:41:06

#ETH巨鲸扩大持仓 The privacy coin sector suffered a bloodbath last night. ZEC experienced a cliff-like plunge within just a few hours, resulting in a $97 million leveraged position being forcibly liquidated. This crash is not an isolated incident—it has exposed the triple risks that have been accumulating in the privacy coin sector for a long time.

On the regulatory front, the SEC has confirmed it will hold a meeting on December 15 to focus on discussing the compliance framework for privacy coins. This timing is extremely sensitive. As a flagship privacy coin project, ZEC has already gained over 1000% this year, and its high-level consolidation has lacked sufficient buy-side support. The combination of regulatory news and technical pullback caused selling pressure to spiral out of control.

From a capital perspective, there were already signs of disturbance in the derivatives market. Over the past two weeks, ZEC futures open interest continued to decline, and spot market depth thinned noticeably. These signals had in fact warned of a looming liquidity crisis. The whale liquidation was just the last straw.

A deeper issue lies in the controversy over privacy coin technical paths. Solutions such as zero-knowledge proofs and ring signatures have always struggled to balance efficiency and security. In addition, major exchanges have been delisting privacy coins one after another, further compressing the entire sector’s room for survival.

Will this round of sell-offs spill over to mainstream coins? ETH and BTC may be affected by sentiment in the short term, but their fundamentals remain supportive. The key is whether regulatory policies will expand the scope of their crackdown. At this stage, any high-leverage operations are akin to dancing on a knife’s edge—risk control must always be the top priority.

ETH-1,23%

ZEC-12,57%

BTC-0,4%

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fork_in_the_road

· 2025-11-25 15:48

$97 million just vanished like that, such is the cost of leverage in life. Privacy coins are really tough, exchanges are delisting them, how can we still play? Once regulation comes, there's a big dump, ZEC has suffered too much this time, those who caught a falling knife at high positions are bound to lose. By the way, with such poor liquidity, still daring to play futures, it's no wonder to get liquidated, I really don't understand. ETH is alright, it shouldn't die this round, BTC is even more stable. Just afraid that once the policy expands, everything will be doomed. Risk control, risk control, risk control, how many times have I said it, yet some people still don't listen and insist on using high leverage.

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ZkSnarker

· 2025-11-25 14:45

well technically, the real story here isn't the $97m liquidation—it's that zk proofs can't save you from being overleveraged into a regulatory buzzsaw. imagine thinking 1000% gains + thin order books = stable foundation... nope

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RektRecovery

· 2025-11-23 17:54

yeah called it weeks ago... derivatives showing weakness first, then boom. classic attack vector nobody wants to admit they saw coming. privacy coins always had that architectural flaw written all over em ngl

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MEV_Whisperer

· 2025-11-23 16:54

$97 million just vanished, that's the charm of leverage... Privacy coins are indeed a bit awkward, with exchanges delisting, regulatory crackdowns, and liquidity still fleeing, no wonder ZEC can't hold on. The regulatory knife is hanging there, probably another bloodbath around December 15th, a bit worried that ETH will suffer too. Looking at the signals from derivation, one should have run away long ago, yet there are still people using leverage... Risk control is really not just talk.

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Layer3Dreamer

· 2025-11-23 04:11

theoretically speaking, if we map the recursive nature of this zk-proof collapse onto cross-rollup state verification... the liquidity crisis wasn't really about zec, was it? it's the entire interoperability vector breaking down. privacy coin delisting = layer3 thesis getting gutted before it even launches tbh

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ruggedNotShrugged

· 2025-11-23 04:11

$97 million got liquidated directly, this really has to be a lesson... high leverage is really playing with fire.

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FomoAnxiety

· 2025-11-23 04:10

$97 million just gone like that, it hurts just to watch Once regulators step in, privacy coins are finished; exchanges delisting them is true despair High leverage is really just giving away money; now I'm all-in on spot, not touching futures That guy who bought ZEC at the top must really regret it The regulatory meeting on December 15 is a turning point; privacy coins are probably done for Thinning liquidity has been a warning sign for a while, but some people still go all-in This crash won't affect BTC, right? Major coins should at least be more stable Risk control ≥ making money, truly a lifelong lesson How does the guy who got liquidated feel now? Must be totally hopeless With so much controversy around privacy coins, thinking they can make a comeback is just dreaming

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AirdropNinja

· 2025-11-23 04:02

97 million get liquidated? Oh my god, someone put their family fortune in it. Privacy coin is like a hot potato; once the regulation steps in, it’s game over. High leverage players really deserve it; if you don’t manage risk well, don’t touch it. ETH is very stable, BTC can hold up, mainstream token is not afraid of this. ZEC fell from heaven to hell in just a few hours. This is why I never touch derivation; it's too dirty. Regulation meeting on December 15th? If you run early, you’ve already won. With liquidity so thin, you dare to open a large position? Are you out of your mind? The future of privacy coins? I don’t see much future; exchanges don’t even want them anymore. Those who got liquidated should be thankful they only lost 97 million; not losing everything is already good.

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ser_aped.eth

· 2025-11-23 03:47

97 million got liquidated directly, this is the consequence of playing with leverage. The Privacy Coin sector originally had many issues, and once regulation comes, it reveals its true form. Those who caught a falling knife at high positions are still waiting for a Rebound, but I see it's quite difficult. Risk control is truly the primary task, otherwise, it's just giving money to the exchange.

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