market makers quietly dominates narrative durability: reading the Zcash Activates tape

Liquidity still decides how far any catalyst can travel.

Builders and treasuries should track market makers even when social feeds obsess over RWA tokenization.

Even when feeds obsess over “Zcash Activates NU7 Upgrade as Private Payments Become 3x Faster,” the durable question remains process versus prediction.

Mapping open interest against cycle psychology is a simple way to stress-test a thesis.

Desks that separate DEX volume from token unlocks tend to react less emotionally to noise.

Liquidity still decides how far any catalyst can travel.

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