Bug disclosure and the June 5 outflows
The Orchard pool vulnerability was made public on June 5, though developers had patched it days earlier. On that same date, roughly 157,931 ZEC left the shielded pools — the largest single-day outflow since January 2. The mass exit rattled holders and drove spot volumes on centralized exchanges to $3,756.7 million on June 6, far above the 30-day daily average of roughly $899.5 million. Decentralized exchange trades for wrapped ZEC also hit 17,401 on June 5, the highest in 60 days.
But the exodus slowed quickly. By June 8, net spot flows had turned positive as buyers stepped back in, according to data from the network. The brief surge in activity suggests that while the bug spooked some participants, others viewed the dip as a buying opportunity.
" Translation: "Divulgación del bug y salidas del 5 de junio
La vulnerabilidad del pool Orchard se hizo pública el 5 de junio, aunque los desarrolladores la habían parcheado días antes. En esa misma fecha, aproximadamente 157,931 ZEC salieron de los pools protegidos, la mayor salida en un solo día desde el 2 de enero. La salida masiva alarmó a los tenedores y elevó los volúmenes al contado en exchanges centralizados a $3,756.7 millones el 6 de junio, muy por encima del promedio diario de 30 días de aproximadamente $899.5 millones. Las operaciones en exchanges descentralizados de ZEC envuelto también alcanzaron 17,401 el 5 de junio, el máximo en 60 días.
Pero el éxodo se desaceleró rápidamente. Para el 8 de junio, los flujos netos al contado se volvieron positivos a medida que los compradores regresaron, según datos de la red. El breve aumento de actividad sugiere que, si bien el bug asustó a algunos participantes, otros vieron la caída como una oportunidad de compra.
" Third paragraph: "Network activity tells a different story
Despite the price rebound, the Zcash network isn't showing signs of a recovery in daily use. On-chain transactions have been on a falling 7-day trend, down 3,771 compared with the prior week, after peaking at 38,515 on May 15. Active addresses currently sit near 5,000 daily, well below the brief spike to 10,422 seen on June 5 when holders rushed to move funds.
Zooming out to the past 90 days, the divergence between price and usage is stark. ZEC is up about 106% over that period, but on-chain transactions fell roughly 11% and active addresses grew less than 9%. That pattern — rising price with lagging network activity — has historically raised questions about short-term speculation versus genuine adoption.
" Translation: "La actividad de la red cuenta una historia diferente
A pesar del repunte del precio, la red de Zcash no muestra signos de recuperación en el uso diario. Las transacciones on-chain han estado en una tendencia descendente de 7 días, bajando 3,771 en comparación con la semana anterior, después de alcanzar un máximo de 38,515 el 15 de mayo. Las direcciones activas se sitúan actualmente cerca de 5,000 diarias, muy por debajo del breve pico de 10,422 observado el 5 de junio cuando los tenedores se apresuraron a mover fondos.
Ampliando la vista a los últimos 90 días, la divergencia entre precio y uso es marcada. ZEC ha subido aproximadamente un 106% en ese período, pero las transacciones on-chain cayeron alrededor de un 11% y las direcciones activas crecieron menos del 9%. Ese patrón — aumento de precio con retraso en la actividad de la red — históricamente ha planteado preguntas sobre la especulación a corto plazo frente a la adopción genuina.
" Fourth paragraph: "Whales split: big holders add, mid-tier whales trim
Large ZEC holders are sending mixed signals. The top 100 addresses — often called mega whales — increased their holdings by about 4% over the reporting period. But standard whales, typically defined as the top holders excluding the top 100, cut their positions by roughly 8.9%. That split suggests the biggest players are betting on a recovery while the next tier is locking in profits or cutting losses.
Sentiment data offers another reason for caution. Positive mentions for ZEC are at their lowest since May 2, meaning the social media buzz that often accompanies rallies is notably absent. Without that enthusiasm, sustaining the price rebound may prove harder.
The immediate question is whether the Orchard patch can fully restore trust in the shielded pools — the core privacy feature that distinguishes Zcash. If outflows resume, today's gains could vanish quickly. For now, traders are watching whether volumes stay elevated or
