Zcash briefly reached $888, its highest price since 2018, before pulling back to around $843, up nearly 48% since August 20. Open interest in ZEC perpetual futures nearly doubled from $962.5 million to $1.8 billion in five days, with 24-hour volume reaching $5.3 billion. The average funding rate of 0.0106% signals a premium for holding long positions. Grayscale filed to convert its Zcash Trust into an ETF in November, a proposal still under review. Cypherpunk Technologies, backed by Winklevoss, launched a mining operation estimated to represent 18% of the network’s hashrate, holding approximately 323,394 ZEC worth around $268 million.
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