ZCASH（ZEC）PERPS负载：骑隐私波还是面对擦拭？

ZEC最近的集会引发了辩论。是可持续的，还是看跌信号会引发经济不景气？深入研究Zcash的衍生品活动，技术指标和未来的挑战。

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，超过50美元。但是在表面下，在看涨的势头和看跌警告之间，拔河拖船正在发挥作用，尤其是关于其PERPS负载。让我们分解ZEC发生的事情及其对未来的含义。

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

ZEC最近的集会：锅中的闪光灯？

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最近经历了11％的集会，甚至在CoinMarketCap的最高涨幅中排名。现场投资者将价值近100万美元的ZEC转移到私人钱包中的现货投资者推动了这一激增，这暗示了潜在的供应压缩。社区的情绪在很大程度上是看好的，有82％的投资者表现出乐观。

Derivatives Activity Outweighs Spot Flows

衍生品活动超过斑点流动

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.

这是事情变得有趣的地方。尽管现场活动促成了集会，但衍生品市场发挥了更为重要的作用。 ZEC永久合同的开放兴趣攀升了38％，达到1,930万美元，这表明新合同的激增。开放利息加权筹资率表明，这些合同是由期望看涨的交易者开放的。

Technical Indicators Flash Bearish Signs

技术指标闪光看跌符号

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.

尽管来自交流的积极数据，技术指标仍描绘出不太乐观的图片。货币流量指数（MFI）低于50，这意味着流出超过流入。 Aroon指标测量趋势强度，显示了Aroon的下线明显高于Aroon Up Line，这表明销售压力比购买压力更大。

Liquidity Pockets and Potential Swings

流动性口袋和潜在波动

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.

清算热图显示，流动性聚集在54美元左右，使ZEC面临着尖锐的价格波动。如果公牛保持控制，ZEC可以集结，清除上面的流动性。但是，如果看跌动量接管，ZEC可能会在潜在的逆转之前下降。

Zcash's Privacy Focus and Future Challenges

Zcash的隐私重点和未来的挑战

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对隐私的关注仍然是一个关键优势，屏蔽交易本月达到306万。与NYMVPN的集成通过启用私人ZEC付款来订阅进一步增强隐私。但是，ZEC面临挑战，其交易大大低于其2016年峰值。该社区正在准备转变为二手证明，并计划于2025年11月对开发基金进行关键投票。这些变化带来了不确定性，尤其是随着隐私硬币竞争的日益增长。

My Two ZEC's Worth

我两个ZEC的价值

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.

尽管Zcash对隐私的承诺令人钦佩，但技术指标和衍生品市场的冲突信号引起了人们的关注。较高的PERPS负载可能会扩大价格波动，从而使ZEC容易受到突然校正的影响。我正在密切观看那些流动性集群。此外，分析师Javon Marks认为，Zcash可以增长超过465％。超过55美元以上的持续关闭可以打开$ 60的道路，并最终在2026年之前挑战更广泛的阻力区。

The Bottom Line

底线

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最近的集会令人兴奋，但不要被炒作所困扰！密切关注这些技术指标，衍生品活动以及即将进行的社区决策。 ZEC是骑隐私浪潮还是面对消灭取决于市场风的方式。愉快的交易，愿您的ZEC袋子饱满（但不太杠杆化！）。