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Why did Zcash's entire dev team leave?

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Plus: BTC price dips

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GM. The fruit bowl of news is back, and these stories are looking extra zestful today.

See what's fresh on the plate:

🍍 BTC's back below $90K;

🚪 Zcash dev team walks out;

🍋 Anthropic seeks $10B, Fireblocks buys TRES Finance + more

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🍍 Market flavor today

Fear and Greed Index
Find out more about the Fear & Greed Index here.

 Crypto Market Cap: $3.07T -1.66% (24H)
  Name   Price 24H 7D
Bitcoin Bitcoin BTC $90,574.57 -1.19% 3.17%
Ethereum Ethereum ETH $3,095.49 -2.54% 3.87%
XRP XRP XRP $2.13 -4.06% 14.47%
BNB BNB BNB $887.40 -1.59% 3.49%
Solana Solana SOL $136.39 -0.16% 9.62%
Prices as of 11:00 AM EST. Click here to see live data.

... Aaaaand Bitcoin's back below $90K.

As it started dipping, leverage started leaving the chat. Long positions (aka positions that were built for "number go up") didn't get the follow-through they needed and started getting closed.

The result: over the last 24 hours, about $480M worth of crypto positions were liquidated, with $434M+ of that coming from longs getting clipped in a short window.

At the same time, institutions gave the market zero encouragement. US spot Bitcoin ETFs closed Wednesday with $486.1M in net outflows.

When flows flip negative like that, traders stop assuming every dip will get bought. Risk gets sized down. Trades need more patience. FOMO takes a seat.

BTC ETF flows table, 01-08

Source: Farside Investors

So yeah, today's story is a market that cooled off, trimmed excess, and decided it didn’t need to sprint today.

Now it's about levels and behavior.

👉 Does Bitcoin hang out around $90K or bleed lower?

👉 Do ETF flows stabilize?

👉 Do liquidations slow down?

If yes, this becomes a boring reset. If not, gravity might stay in charge.

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👀 Where did my money go? Let's track it

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🥝 Memecoin harvest

Today's top pumps are wilder than your DMs to your ex 📈

Data as of 09:34 AM EST.

Check out these memecoins and plenty more here.

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🚪 Zcash dev team walks out

Most people don't care who designs airplanes.

👉 You don't know their names.

👉 You don't follow them on social media.

👉 You don't check which engineer signed off on the wings before boarding a flight.

You just assume that someone serious and competent is in the room, making sure nothing goes horribly wrong.

Now imagine waking up to this headline:

"A large portion of Boeing's core engineering team has resigned following internal disagreements over control and direction."

Planes don't instantly fall out of the sky. Flights still take off. The Boeing logo doesn't disappear.

But something fundamental changes: confidence.

Image of a guy outside the plane window holding a sign that says "I was your pilot"

That's the right way to think about what just happened to Zcash.

That is a digital currency built around one main idea: privacy.

👉 Most blockchains are like public ledgers. Anyone can see transactions.

👉 Zcash was designed to offer an option where people can send money without showing every detail to the world.

But here's the thing: building privacy at that level is technically hard. The math is delicate, the systems are complex, and small mistakes can have big consequences.

Which naturally leads to the next part of the story...

For years, much of that technical responsibility sat with a group called Electric Coin Company, aka ECC.

Their job was to:

👉 Maintain core systems;

👉 Ship upgrades carefully;

👉 Make sure nothing subtle broke in a way no one noticed until it was too late.

And this week, most of ECC's development team resigned at once, after internal disagreements tied to governance, control, and long-term direction.

Tweet about Zcash losing its core dev team

Source: @wiseadvicesumit

The markets reacted immediately - the price of Zcash (ZEC) dropped by ~11%.

Not because the system suddenly failed, but because people realized something important had changed:

The group with the deepest, most hands-on understanding of the system was no longer maintaining it.

And here's where the story widens out.

Zcash is often described as decentralized, and in many ways it is. Transactions are validated by a distributed network, not a single company.

But expertise doesn't decentralize easily.

In any complex system - airplanes, power grids, banking infrastructure, privacy-preserving software - a relatively small group understands:

👉 Why things were built a certain way;

👉 Which shortcuts are safe and which are dangerous;

👉 Where the hidden risks live.

When that group leaves without a clearly visible replacement, uncertainty fills the gap.

(And that uncertainty shows up quickly when money is involved.)

Zcash price chart from BitDegree, 01-08

Source: BitDegree

So... is this the end of Zcash?

Probably not.

The protocol still exists. The network still runs. And some of the work may continue under new structures.

What matters now is whether:

👉 New teams step in with credibility;

👉 Governance becomes clearer, not messier;

👉 The project shows it can function without depending on one core group.

That's a harder phase than building in the first place - but it's also the phase where systems either mature or fade.

Back to the plane.

You don't suddenly stop flying because you read one headline. But you do start paying attention to what used to fade into the background.

Zcash hasn't broken, but it's become something people are actively evaluating instead of passively trusting.

And for any system built around money, privacy, and long-term credibility - that matters a lot.

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🍋 News drops you can't miss

🤖 Anthropic, the folks who built the AI assistant Claude, are looking to raise $10B and hit $350B valuation. That would put them in some seriously exclusive tech company territory.

📊 Fireblocks is buying TRES Finance, an on-chain accounting platform. The deal is valued at $130M.

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🍌 Juicy memes

Meme about missing someone while being more focused on trading.

Source: @CryptoMemes

Meme about the stages of analysis leading to an unexpected outcome.

Source: @Trader_Theory

Meme about the pitfalls of unrealistic expectations in day trading.

Source: @naiivememe

Gode S. Web3 Market Analyst
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.

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