Recently witnessed a trading drama firsthand. A friend insisted on shorting DASH, despite advice against it, and ended up liquidated. Regretful as it is, the underlying market logic reflected here is worth pondering.

The announcement of ZEC team's disbandment appears on the surface to be a signal in the privacy coin sector, but in reality, it is changing the flow of funds. When the leading coin wavers, incremental capital often seeks alternatives—privacy coins like ZEN, DASH, and XMR are all on the table. The privacy sector itself is not dead; in fact, it still has speculative cycles.

Here’s an interesting game theory. As the recognized leader in privacy coins, ZEC has accumulated a large amount of retail chips early on. If you are a market maker, would you continue to push up a leader already filled with retail investors, or switch to a relatively easier target like DASH or ZEN? The answer is obvious—choosing coins with lower retail participation and more concentrated chips can yield higher profit potential.

This is the truth of the market: the status of a leader is not determined by fundamentals, but by the distribution of funds and chips. When market makers shift their focus, the title of leader naturally changes hands. The trend in privacy coins is far from over; the key is to understand where the capital is flowing.