Behind the 12x surge of ZEC: BTC mining pools collectively manipulating the market

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By the end of September 2025, ZEC was still at $53. At that time, it was a privacy coin that the market had forgotten for four years. From $290 in 2021, it had been sliding down to below $30, and no one mentioned it. Another privacy coin, Monero, had been delisted by dozens of exchanges, and ZEC was the "next one" in everyone's mind. Everyone was waiting for it to die. Then, starting from that month, ZEC rose 12 times. (Context: Buying ZEC to dump BTC? 4 industry truths behind the surge of privacy coins) (Background: Zcash(ZEC) bucks the trend with a 40% surge, breaking through $700, as the privacy coin sector rises) When people mention ZEC, they always exclaim that it is a legendary coin. By the end of September 2025, ZEC was still at $53. At that time, it was a privacy coin that the market had forgotten for four years. From $290 in 2021, it had been sliding down to below $30, and no one mentioned it. Another privacy coin, Monero, had been delisted by dozens of exchanges, and ZEC was the "next one" in everyone's mind. Everyone was waiting for it to die. Then, starting from that month, ZEC rose 12 times. In 8 months, ZEC rose all the way from $53 to $600, hitting a high of $740. Its market cap surged from less than $1 billion to nearly $10 billion, squeezing back into the top 15 cryptocurrencies. Everyone saw ZEC rising, but most people attributed it to the "privacy narrative" or the public support from big names like Naval, Arthur Hayes, Mert Mumtaz, Balaji, and Cobie. However, the author believes that the more important background and factor for ZEC's rise is that Bitcoin miners are collectively manipulating the ZEC market. The first to discover that "every time ZEC surges, it happens to be the mid-term top for BTC" were some veteran BTC traders on Twitter. Every time ZEC shows a significant surge, BTC always hits a mid-term high in the same period. Once or twice is a coincidence, but what if it happens four times? At the end of 2017, ZEC rallied from $200 to $870. In the same month, BTC peaked at $19,000. Both peaked almost simultaneously at the end of December, then entered a year-long bear market together. From the end of 2020 to early 2021, ZEC rallied from $50 to $220. During the same period, BTC hit its first mid-term top of $64,000. BTC pulled back to $30,000, and ZEC returned to $100. In Q4 2021, ZEC rallied again from $100 to $290. BTC eventually peaked at $69,000 in that wave. Afterward, both entered a three-year bear market. In the current cycle, ZEC has rallied from $53 to 600+, and BTC is repeatedly testing resistance near $125,000 to $127,000. Technical analyst Killa (@KillaXBT) also discovered and revealed this viewpoint. More notably, this pattern does not really exist for other mainstream coins. The synchronization between ETH's highs and BTC is not as precise. Not to mention latecomers like SOL and AVAX. ZEC is almost the only one that can "time" the BTC cycle top like this. ZEC's pump seems to be scheduled in rhythm with BTC. As BTC approaches its top, ZEC initiates. After BTC peaks, ZEC also enters a pullback simultaneously. Back to the present. ZEC's daily uptrend line has been broken. BTC is fluctuating around $75,000. If BTC falls below $75,000, the market generally believes that the mid-term top of this bull market is basically confirmed. If historical patterns hold, now is the time window for the fourth ZEC-BTC resonance top. The question then becomes, why does this pattern exist? Why ZEC, and not other coins? The answer may be hidden in the mining pool rankings. Open the ZEC block explorer and look at the hashrate share over the past 7 days: ViaBTC 34.2%, Foundry 27.7

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