Zcash (ZEC) dropped to $536 after a volatile week (≈22% off recent highs) while remaining ~99% month-to-date. Trading activity cooled: daily spot volume fell to $1.19B (≈42% day-on-day), futures volume to $4.25B (≈25% decline) and open interest eased to $929M (≈4% down), indicating fewer large leveraged bets. OKX will re-list ZEC/USDT spot on Nov. 24 (20:00 UTC+8) with withdrawals two hours later, a move that shifted liquidity between spot and derivatives and sparked short-term volatility. On-chain and institutional signals are rising (higher hashrate/difficulty, Grayscale holds >$229M in ZEC, Cypherpunk >230,000 ZEC). Technicals: resistance ~ $560–$580 (10/20‑day MAs), support near $500–$510 (30‑day MA) with downside to $460–$480 if that breaks; reclaim of $560 could target $600–$620.

Concrete market cues: ZEC pulled back ~22% to $536, spot volume dropped to $1.19B (≈42% d/d), futures volume fell ≈25% to $4.25B and open interest eased to $929M, indicating reduced leveraged bets. OKX re-listing of ZEC/USDT on Nov. 24 is a clear, dateable exchange event that shifted liquidity and can move prices. On-chain and institutional metrics cited (higher hashrate/difficulty; Grayscale and Cypherpunk holdings) support underlying demand. Technical resistance and support levels were provided ($560–$580 resist; $500–$510 support).