The center of gravity for this Zcash rally isn't the spot market. The price surged to an eight-year high, approaching $850 per coin, but what's propping up that number isn't a wave of buying pressure—it's a set of glaringly lopsided derivatives data.
According to CoinGlass data, Zcash's 24-hour futures trading volume came in at nearly $10 billion, while open interest at the same point stood at just $1.76 billion. That's a gap of nearly sixfold, indicating that a massive amount of capital flowed in and out of the contracts market during this period, rather than accumulating into actual held positions. For a token with a market cap far smaller than mainstream cryptocurrencies, this scale of leveraged trading volume is itself a signal worth watching.
Reports have also linked this rally to moves related to Grayscale's ETF, though verifiable details remain limited, and the specifics and timing cannot yet be confirmed.
