Zcash (ZEC) experienced a significant price surge, climbing 17% to reach $527 before settling around $517–$518. This rally was supported by a substantial $2.97 billion trading volume in derivatives markets. The surge led to $8.5 million in short liquidations, while open interest increased by 13% to 1.36 million ZEC. The aggressive market positioning is reflected in the fear and greed index, indicating leveraged traders are driving the rally. Zcash's futures flows have been a key factor, with the cryptocurrency surpassing Solana in 24-hour trading volume.