Bitcoin in danger of dropping to $60,000, with Zcash bulls turning their backs on ZEC

Forward Industries deposited 455,784 SOL worth roughly $31.87 million to Coinbase Prime on Friday after a month of dormancy, according to onchain tracker Lookonchain.

The transfer is the first sizeable movement from the company’s treasury wallets in more than four weeks and lands in the middle of a sharp Solana drawdown that has pushed the token down 18.5% on the week.

The company launched its Solana treasury strategy in September 2025, spending roughly $1.59 billion to accumulate 6.83 million SOL at an average price of $232.08 per token. Solana is now trading at $66.51, which puts those same holdings at $458.6 million.

The position is currently around $1.13 billion underwater, a more than 70% paper loss per token.

A deposit to Coinbase Prime does not necessarily mean tokens will be sold, but it puts them within reach of a sale and reverses a month of inactivity that had kept the SOL position immobile.

Forward Industries is one of the most aggressive Solana-treasury imitators of the Strategy bitcoin playbook, and its cost basis above $230 leaves it among the most exposed corporate holders if the current drawdown continues.

Shielded Labs disclosed a critical bug in its Zcash’s Orchard privacy pool that could have allowed unlimited, undetectable counterfeit tokens.

The vulnerability, present since Orchard’s activation in May 2022, was discovered on May 29 by security engineer Taylor Hornby using Anthropic’s Opus 4.8 AI model and was patched in an emergency fix by June 1.

Shielded Labs says there is no cryptographic way to know whether the flaw was exploited before the fix, and is proposing a network upgrade with new accounting measures and expanded security efforts to restore confidence in ZEC’s supply integrity.

Bitcoin is trading just over $62,000 and roughly $2,700 above the $60,000 round number that’s become the next obvious test on the way down.

The price has now shed close to 16% from last week’s $74,000-plus levels, with the bulk of the damage coming in the past three sessions as the AI trade rolled over globally.

A break of $60,000 would put bitcoin back into territory it last visited during the February drawdown, with the next technical support sitting closer to $55,000.

The supports that held bitcoin through earlier 2026 drawdowns are no longer in place. U.S. spot bitcoin ETFs have logged 15 straight sessions of net outflows totaling more than $4.7 billion.

Strategy disclosed its first bitcoin sale since 2022 earlier this week and is no longer functioning as the marginal corporate buyer that absorbed selling through 2024 and 2025.