ZEC's drop looks heavily driven by leverage getting wiped out rather than pure spot selling. Once $10M in long positions started liquidating, the move accelerated fast and turned into a classic cascade flush. The bigger problem is overall altcoin weakness. In risk-off markets, privacy coins and high-volatility assets usually get hit harder because traders reduce exposure quickly when sentiment turns bearish. Technically, the $500 level feels extremely important now. If buyers defend it, $ZEC could stabilize and bounce back toward the mid-$500s. But losing that support probably opens the door for another ugly leg down. Personally, I still like Zcash long term because privacy narratives always come back eventually. Short term though, the chart still looks weak and I wouldn’t rush entries until volatility cools off.