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$ZEC rose 90% in a month and 262% in three months, making it the strongest among privacy coins. The core catalyst is just one: the US spot Zcash ETF officially launched, opening the institutional channel, and money is flowing in directly. ZEC has a fixed total supply of 21 million, 100% circulating, with no unlocking dump risk, which is rare among privacy coins. The NU7 upgrade is targeted between October and November, and ZIP218 aims to cut block time from 75 seconds to 25 seconds, improving performance and continuing the narrative. But today it didn’t continue to surge; instead, it dipped 1.5%, falling back from the high of 1550. The RSI was already overbought, and much of this gain was a pre-ETF listing anticipation run, so the actual launch may see the positive momentum fully priced in. However, privacy coins are inherently regulatory targets. The EU is already discussing crypto lending and MiCA regulations, and the US stance on anonymous coins has always been ambiguous. If any country takes action, ZEC could fall sharply without reason. 1400 is support; breaking 1200 would be weak; above, 1600 and 1700 depend on whether ETF funds continue. More on the ETF: after the spot ZEC ETF launched and institutional channels opened, the inflow in the first week was not large, mostly anticipation-driven. The counterparty to anonymous coins is compliant capital; the EU is pushing MiCA rules and regulating crypto lending, and the US has historically been ambiguous about shielded transactions. XMR has been delisted by multiple exchanges, and ZEC’s gains include a regulatory discount. The coins that rise the most wildly often get hit hardest by regulators.