ZCASH（ZEC）PERPS負載：騎隱私波還是面對擦拭？

ZEC最近的集會引發了辯論。是可持續的，還是看跌信號會引發經濟不景氣？深入研究Zcash的衍生品活動，技術指標和未來的挑戰。

Zcash (ZEC) has been making waves, surging past $50. But beneath the surface, a tug-of-war is playing out between bullish momentum and bearish warnings, especially concerning its perps load. Let's break down what's happening with ZEC and what it means for the future.

Zcash（ZEC）一直在浪潮，超過50美元。但是在表面下，在看漲的勢頭和看跌警告之間，拔河拖船正在發揮作用，尤其是關於其PERPS負載。讓我們分解ZEC發生的事情及其對未來的含義。

ZEC's Recent Rally: A Flash in the Pan?

ZEC最近的集會：鍋中的閃光燈？

Zcash recently experienced an 11% rally, even ranking among CoinMarketCap's top gainers. This surge was fueled by spot investors moving nearly $1 million worth of ZEC into private wallets, hinting at a potential supply squeeze. The community sentiment was largely bullish, with 82% of investors showing optimism.

Zcash最近經歷了11％的集會，甚至在CoinMarketCap的最高漲幅中排名。現場投資者將價值近100萬美元的ZEC轉移到私人錢包中的現貨投資者推動了這一激增，這暗示了潛在的供應壓縮。社區的情緒在很大程度上是看好的，有82％的投資者表現出樂觀。

Derivatives Activity Outweighs Spot Flows

衍生品活動超過斑點流動

Here's where things get interesting. While spot activity contributed to the rally, the derivatives market played a more significant role. Open Interest in ZEC perpetual contracts climbed by 38% to $19.3 million, signaling a surge in new contracts. The Open Interest Weighted Funding Rate indicated that these contracts were opened by traders expecting a bullish run.

這是事情變得有趣的地方。儘管現場活動促成了集會，但衍生品市場發揮了更為重要的作用。 ZEC永久合同的開放興趣攀升了38％，達到1,930萬美元，這表明新合同的激增。開放利息加權籌資率表明，這些合同是由期望看漲的交易者開放的。

Technical Indicators Flash Bearish Signs

技術指標閃光看跌符號

Despite the positive data from exchanges, technical indicators paint a less optimistic picture. The Money Flow Index (MFI) fell below 50, implying that outflows exceeded inflows. The Aroon Indicator, measuring trend strength, showed the Aroon Down line significantly higher than the Aroon Up line, suggesting more selling pressure than buying pressure.

儘管來自交流的積極數據，技術指標仍描繪出不太樂觀的圖片。貨幣流量指數（MFI）低於50，這意味著流出超過流入。 Aroon指標測量趨勢強度，顯示了Aroon的下線明顯高於Aroon Up Line，這表明銷售壓力比購買壓力更大。

Liquidity Pockets and Potential Swings

流動性口袋和潛在波動

Liquidation Heatmaps reveal liquidity clustered around $54, exposing ZEC to sharp price swings. If bulls maintain control, ZEC could rally, clearing liquidity above. However, if bearish momentum takes over, ZEC could drop lower before a potential reversal.

清算熱圖顯示，流動性聚集在54美元左右，使ZEC面臨著尖銳的價格波動。如果公牛保持控制，ZEC可以集結，清除上面的流動性。但是，如果看跌動量接管，ZEC可能會在潛在的逆轉之前下降。

Zcash's Privacy Focus and Future Challenges

Zcash的隱私重點和未來的挑戰

Zcash's focus on privacy remains a key strength, with shielded transactions reaching 3.06 million this month. The integration with NymVPN further enhances privacy by enabling private ZEC payments for subscriptions. However, ZEC faces challenges, trading significantly below its 2016 peak. The community is preparing for a shift to proof-of-stake, and a crucial vote on the development fund is scheduled for November 2025. These changes bring uncertainty, especially with growing competition among privacy coins.

Zcash對隱私的關注仍然是一個關鍵優勢，屏蔽交易本月達到306萬。與NYMVPN的集成通過啟用私人ZEC付款來訂閱進一步增強隱私。但是，ZEC面臨挑戰，其交易大大低於其2016年峰值。該社區正在準備轉變為二手證明，併計劃於2025年11月對開發基金進行關鍵投票。這些變化帶來了不確定性，尤其是隨著隱私硬幣競爭的日益增長。

My Two ZEC's Worth

我兩個ZEC的價值

While Zcash's commitment to privacy is admirable, the conflicting signals from technical indicators and the derivatives market raise concerns. The high perps load could amplify price volatility, making ZEC vulnerable to sudden corrections. I'm watching those liquidity clusters closely. Also, Analyst Javon Marks believes that Zcash can go up more than 465%. Sustained closes above $55 could open the path toward $60 and eventually challenge the broader resistance zone near $100 before 2026.

儘管Zcash對隱私的承諾令人欽佩，但技術指標和衍生品市場的衝突信號引起了人們的關注。較高的PERPS負載可能會擴大價格波動，從而使ZEC容易受到突然校正的影響。我正在密切觀看那些流動性集群。此外，分析師Javon Marks認為，Zcash可以增長超過465％。超過55美元以上的持續關閉可以打開$ 60的道路，並最終在2026年之前挑戰更廣泛的阻力區。

The Bottom Line

底線

ZEC's recent rally is exciting, but don't get caught up in the hype! Keep an eye on those technical indicators, derivatives activity, and upcoming community decisions. Whether ZEC rides the privacy wave or faces a wipeout depends on which way the market winds blow. Happy trading, and may your ZEC bags be ever full (but not too leveraged!).

ZEC最近的集會令人興奮，但不要被炒作所困擾！密切關注這些技術指標，衍生品活動以及即將進行的社區決策。 ZEC是騎隱私浪潮還是面對消滅取決於市場風的方式。愉快的交易，願您的ZEC袋子飽滿（但不太槓桿化！）。