ZEN has surged from yesterday's $11 range to $12.5 within a day, and the market trend is quite fierce. At first glance, it seems like another wave of high sentiment, but a closer look at the data reveals something's off.

Recently, Grayscale has quietly increased its holdings of ZEN, with the position exceeding 5% of the circulating supply. This is no small move—indicating that institutions are truly re-evaluating the privacy coin sector.

You need to understand the background. Over the past two years, privacy coins have had a tough time; $XMR disappeared from mainstream exchanges, $DASH became increasingly marginalized, and the entire field almost became a forbidden zone under regulation. But now, the tide is turning. ZEN, as one of the few privacy coins still trading normally on top platforms, has suddenly attracted attention. Institutions are more perceptive than retail investors, and their actions often signal something.

That said, the RSI has already shot up to 67, which short-term is indeed overextended. Those still chasing around $12.8 in the market face significant risk.

If you want to get involved, don't rush. The $11 range is a more comfortable position—build positions gradually, rather than going all in at once. Above $12, just watch the show; don't act. The opportunity window for privacy coins is open, but there's no need to rush in at the highest point.