Cryptocurrencies Price Prediction: Hyperliquid, Bitcoin & Zcash – Asian Wrap 06 November

Bitcoin ETFs saw $1.12 billion in net outflows over seven days, while Ether ETFs had $423 million in outflows. Net flows track money moving in and out of ETFs, but do not specify buyers or sellers.

Zcash completed its NU7 upgrade, reducing block times to 25 seconds and introducing the Network Sustainability Mechanism (NSM). The NSM redirects 60% of transaction fees to a security reserve. Over $16M in ZEC was frozen in the Sprout pool. ZEC's price rose from $1,225 to $1,345 following the upgrade.

Zcash (ZEC) activated its NU7 upgrade, reducing block creation time and freezing 12,224.21 ZEC. ZEC's price rose 9.06% to $1,350.25, with a market cap of $22.99 billion. The Zcash ETF (ZCSH) saw a $11 million outflow. NU7 cuts block subsidy but maintains issuance rate, with no supply squeeze expected. ZEC's price remains below its 2016 high of $3,191.93, and future price depends on demand and supply.

Bitcoin dropped below $75,000, its lowest since August, amid broader market sell-offs and strong US job data. Analyst Ash Crypto notes similarities to 2023's bullish pattern, with key support at $75,500 and $67,800. The cryptocurrency must hold above $75,500 to maintain the current setup.

Elliptic reports that hackers swapped $124M in stolen tokens to bitcoin after Binance's $6.43B breach, with $3.11B still in linked addresses. Binance plans to reopen withdrawals for several tokens by the end of next week, according to the company. Elliptic estimates little of the stolen funds has been cashed out, with laundering efforts spanning 20,000 wallets and 16 blockchains.

Strive (ASST) reported Q3 net income of $509M, driven by unrealized Bitcoin gains, and bought 15,124 BTC in October. Revenue was $2.7M, with $533.7M unrealized gain on digital assets. Total Bitcoin holdings now 43,124, worth ~$3.25B. Company remains at a net loss of $14.5M for the first nine months of the year.