Zcash (ZEC) has lost nearly 6% of its value in the last 24 hours as traders returned to accumulate the privacy-focused cryptocurrency during the pullback. Although derivatives activity cooled slightly with a decline in futures Open Interest, rising funding rates indicate that bullish sentiment remains intact, supporting the possibility of another move toward key resistance levels. Funding rate rises despite lower Open Interest Data from CoinGlass shows that Zcash futures Open Interest (OI) declined by more than 5% over the past 24 hours to $1.11 billion, reflecting a modest reduction in outstanding perpetual futures positions following Thursday’s correction. However, the market’s funding rate increased sharply from 0.0100% to 0.
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