ZEC move looks perp-driven as spot volume fades

$ZEC open interest is building up while spot volume is declining.
That suggests much of the recent move is being driven by perpetual futures rather than strong spot demand.
For traders, that structure can create fragile momentum.
Perp-driven moves can continue for a while, but they become harder to sustain without real spot buyers supporting the trend.
The key signal for $ZEC is whether spot volume returns before leverage gets too crowded.