Raoul Pal Analyzes Zcash's Price Rally as Capital Rotation, Not Structural Breakout

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Raoul Pal says Zcash’s market rally is a capital rotation, not a breakout. Zcash surged nearly 700% year-to-date, but Pal warns the move lacks structural strength. Recent price action shows a pullback, with early buyers taking profits. A true breakout would need Zcash to hold gains as the broader market improves. Grayscale filed to convert its Zcash trust into a spot ETF, signaling growing institutional interest. Pal remains cautious, noting Zcash must prove itself during a wider market rally.
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