Zcash rises 10%—but is ZEC's surge driven by speculation?

According to CoinWorld, the price of ZCash (ZEC) has surged by over 10%, reaching $384, mainly driven by $71.26 million in new perpetual futures open interest and a positive funding rate, indicating active speculative long positions. However, spot market data shows significant reverse capital outflows, with a net outflow of $31.37 million within 48 hours, suggesting insufficient underlying demand. This divergence between speculative futures activity and spot selling pressure increases downside risk, and the liquidation heatmap indicates that the price may fall back to around $350.