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CryptoQuant, citing CoinRabbit lending data on the 3rd, found average loans per user in the 2026 bear market exceeded 2025 bull-market levels, with BTC's share of high-net-worth collateral portfolios dropping sharply as ZEC took its place. The collateralize-rather-than-sell behavior caps immediate spot supply pressure, but it shifts liquidation risk into the lending layer and concentrates it in a thinner, more volatile asset than BTC. Watch whether ZEC-collateralized loan books keep expanding and whether institutional names such as Grayscale and the Winklevoss side add exposure, since a sharp ZEC drawdown could trigger forced unwinds that spill back into broader crypto liquidity.
As a Research signal, watch whether it changes price action, volatility, or flows around ZEC, BTC.
Original Source: 블록미디어
This page is market information analysis, not investment advice.
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