Zcash Bulls Face Reality Check: Raoul Pal Sees Rotation, Not Long-Term Trend

Zcash's recent surge may be a short-term capital rotation rather than a structural bull market, according to Raoul Pal. The next test for the privacy-focused cryptocurrency is to establish a stable base after its sharp move higher. Institutional interest is rising, with Grayscale seeking to convert its Zcash trust into a spot ETF, but Pal is cautious, suggesting that recent price action alone is not enough to justify long-term conviction.