#zec
Can Zcash sustain THIS and trigger short squeeze? If not, what’s next for ZEC?
Zcash has traded within an ascending channel since mid August. As a result, the privacy coin jumped to a high of $1296.
However, after reaching these levels, the altcoin slowed down and retraced to a low of $1204. Amid this volatility, Zcash was trading around $1224, down 1.59% on the daily charts.
Even as $ZEC still holds above $1.2k, traders are still aggressively shorting the market.
Zcash trader takes a $6.4 million bet
With Zcash [$ZEC ] holding strongly above $1.2k, some traders are still betting for a significant price drop. Lookonchain reported that a trader deposited 2.19 million $USDC into Hyperliquid and opened a 3x short on 5,200 $ZEC worth $6.49 million.
With traders opening the short position, it reflects bearishness, anticipating a potential price drop. However, the market remains overly volatile and liquidation risk is extremely elevated.
In fact, over the past 24 hours, both longs and shorts were liquidated, with total liquidations exceeding $13 million. Out of these liquidations, shorts accounted for $$6.9 million while longs accounted for $6.4 million.
With traders being forced out on both sides, it reflects strong market volatility. But despite growing liquidations, traders continue to deploy more capital to open new positions.
Risk appetite still remains
According to CoinGlass data, Zcash saw $2.59 billion in futures Inflows compared to $2.56 billion.
As a result, futures Netflow although declining by 80% it still remains positive at around $35 million. This suggests that investors are still opening new positions.
Meanwhile, the Long/Short Ratio dropped below 1, falling to 0.95. With the ratio down to 0.95, it suggests that these traders are mostly bearish and opening short positions.
#Write2Earn #zcash $ZEC
Can Zcash sustain THIS and trigger short squeeze? If not, what’s next for ZEC?
Zcash has traded within an ascending channel since mid August. As a result, the privacy coin jumped to a high of $1296.
However, after reaching these levels, the altcoin slowed down and retraced to a low of $1204. Amid this volatility, Zcash was trading around $1224, down 1.59% on the daily charts.
Even as $ZEC still holds above $1.2k, traders are still aggressively shorting the market.
Zcash trader takes a $6.4 million bet
With Zcash [$ZEC ] holding strongly above $1.2k, some traders are still betting for a significant price drop. Lookonchain reported that a trader deposited 2.19 million $USDC into Hyperliquid and opened a 3x short on 5,200 $ZEC worth $6.49 million.
With traders opening the short position, it reflects bearishness, anticipating a potential price drop. However, the market remains overly volatile and liquidation risk is extremely elevated.
In fact, over the past 24 hours, both longs and shorts were liquidated, with total liquidations exceeding $13 million. Out of these liquidations, shorts accounted for $$6.9 million while longs accounted for $6.4 million.
With traders being forced out on both sides, it reflects strong market volatility. But despite growing liquidations, traders continue to deploy more capital to open new positions.
Risk appetite still remains
According to CoinGlass data, Zcash saw $2.59 billion in futures Inflows compared to $2.56 billion.
As a result, futures Netflow although declining by 80% it still remains positive at around $35 million. This suggests that investors are still opening new positions.
Meanwhile, the Long/Short Ratio dropped below 1, falling to 0.95. With the ratio down to 0.95, it suggests that these traders are mostly bearish and opening short positions.
#Write2Earn #zcash $ZEC
