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$ZEC’s long-short ratio is around 0.53, suggesting a sizable pool of shorts is still building. After a more than 20x rise from last year’s low, many traders view $ZEC as overheated and keep betting on a pullback. The on-chain realized price is near $328, far below the current level. Yet spot and futures flows tell different stories. The Grayscale ZCSH ETF is nearing $1B in assets with recent inflows, showing spot accumulation while futures traders continue positioning for downside.