Bitcoin risks dropping to $60,000 as Zcash investors exit amid a market downturn, with Forward Industries also facing significant losses.
Bitcoin is on the verge of a potential drop to $60,000, as Zcash investors pull away from ZEC amid a broader downturn in the cryptocurrency market.
Forward Industries Transfers SOL Amid Significant Losses
Forward Industries has recently transferred 455,784 SOL, valued at approximately $31.87 million, to Coinbase Prime, marking its first significant activity in over a month. This move coincides with a sharp 18.5% decline in Solana's value this week.
The company originally invested about $1.59 billion to acquire 6.83 million SOL at an average price of $232.08 per token back in September 2025. With Solana now priced at $66.51, the value of these holdings has plummeted to $458.6 million, reflecting a staggering paper loss of over 70%, equating to roughly $1.13 billion. While the transfer does not guarantee an imminent sale, it opens the door for future transactions after a period of inactivity.
Arthur Hayes Divests Entire Zcash Holdings
Arthur Hayes, the founder of Maelstrom and former BitMEX CEO, announced on X that he has completely liquidated his Zcash holdings following the discovery of a vulnerability in Zcash's Orchard shielded pool. Previously an advocate for the privacy token, Hayes described it as part of his "Holy Trinity" with Bitcoin and Ether.
Despite believing the risk of improper minting to be low, he emphasized that the principle of privacy requires absolute certainty, leading him to exit his position after a recent 30% drop in Zcash’s value.
Zcash Suffers Major Decline
A critical vulnerability in Zcash's Orchard privacy pool, which could have allowed for the creation of unlimited counterfeit tokens, was revealed by Shielded Labs. This flaw, identified by security engineer Taylor Hornby using AI, has existed since the activation of Orchard in May 2022 and was patched by June 1. Shielded Labs is now advocating for a network upgrade to restore confidence in Zcash’s supply integrity.
Bitcoin's Potential Decline Below $60,000
Currently trading just above $62,000, Bitcoin is facing pressure as it nears the critical $60,000 support level. This represents a nearly 16% drop from last week’s highs of over $74,000, primarily in the last three days amid a slowdown in global AI investments.
A fall below $60,000 would bring Bitcoin back to levels not seen since February, with the next support level around $55,000. Previous support mechanisms from 2026 are proving ineffective, and U.S. spot Bitcoin ETFs have seen over $4.7 billion in net outflows across 15 trading sessions. Notably, Strategy has reported its first Bitcoin sale since 2022, indicating a shift in market dynamics.
