ZEC is gently pulling back; the direction hasn’t fully opened. Aggressive buy orders account for only around 40%. Sell volume is being tightly suppressed, and futures funding rates are dragged down to negative on average. The willingness of long positions to add is not particularly strong. On the spot side, large orders have seen a continuous net outflow. In the lending market, debt growth is still negative. The rebound lacks fuel, and whether the market can hold is the key—don’t get too carried away.