$ZEC
One thing that has remained very consistent with over the past few months is how heavily these rallies are being driven by perpetual futures activity rather than genuine spot demand.
Spot volume continues trending lower, while aggregated perp volume keeps expanding toward new highs. That type of imbalance is usually not the strongest foundation for a sustainable upside move, because it suggests leverage is driving price action instead of fresh capital entering the market.
When rallies become leverage-driven, the risk is straightforward — once momentum shifts, the unwinding process can become extremely aggressive since there isn’t enough spot demand underneath to absorb the selling pressure.
A very similar structure developed near the December lower high around the $540 region, where leverage kept expanding while spot participation weakened. Not long after, ZEC rotated sharply lower.
Now a similar divergence appears to be building again. If this imbalance continues expanding, it could become an important signal for determining whether ZEC is supported by real demand — or simply setting up for another sharp leverage flush.