$ZEC climbed back from 1120 to 1217, without any leverage along the way.
Yesterday it plunged more than 10% in a single day. The explanation on X was profit-taking, combined with the community’s heated argument over how to allocate the 8% development fund. Today it rebounded 7%, and my first reaction was to check open interest in futures: about 501 million U 24 hours ago, and still about 501 million U now—barely changed.
The price rose, but open interest didn’t. That suggests this wasn’t a surge of new longs forcing the price up; it looks more like short covering, with spot buyers stepping in. The funding rate is 0.0074%, which is quite normal—longs aren’t crowded.
The catalyst is tomorrow: the NU7 upgrade date circulating in the community is November 5, with block times dropping from 75 seconds to 25 seconds (check Zcash’s official announcement for the exact details). The day before the upgrade, positions have been flushed out once, and leverage hasn’t piled up yet. I’m leaning bullish on this setup.
The key thing to watch is when open interest starts rising ahead of the upgrade. If the price holds above 1200 and open interest grows along with it, that means new money is coming in. If it falls back toward 1120, then yesterday’s disagreement hasn’t been fully resolved.
#ZEC #隐私币 $ZEC
Yesterday it plunged more than 10% in a single day. The explanation on X was profit-taking, combined with the community’s heated argument over how to allocate the 8% development fund. Today it rebounded 7%, and my first reaction was to check open interest in futures: about 501 million U 24 hours ago, and still about 501 million U now—barely changed.
The price rose, but open interest didn’t. That suggests this wasn’t a surge of new longs forcing the price up; it looks more like short covering, with spot buyers stepping in. The funding rate is 0.0074%, which is quite normal—longs aren’t crowded.
The catalyst is tomorrow: the NU7 upgrade date circulating in the community is November 5, with block times dropping from 75 seconds to 25 seconds (check Zcash’s official announcement for the exact details). The day before the upgrade, positions have been flushed out once, and leverage hasn’t piled up yet. I’m leaning bullish on this setup.
The key thing to watch is when open interest starts rising ahead of the upgrade. If the price holds above 1200 and open interest grows along with it, that means new money is coming in. If it falls back toward 1120, then yesterday’s disagreement hasn’t been fully resolved.
#ZEC #隐私币 $ZEC
