If you want to sanity‑check the thesis without overfitting:…

If you want to sanity‑check the thesis without overfitting:
- Conditional performance: Compare ZEC (and XMR) returns on days BTC is −1% or worse vs. other days.
- Volume share: Look for spikes in ZEC/XMR spot and perp volume specifically during BTC selloffs.
- Residuals: Regress ZEC returns on BTC and inspect residuals during drawdowns; persistent positive residuals support rotation.
- Funding/OI: In privacy perps, see if funding flips and OI rises while BTC bleeds—typical of rotation/squeezes.