$ZEC 817, betting on the downside. In just a week, a 68% run up happened; after 889 was poked, it kept dropping all the way to 811. Within 24 hours, it lost nearly another 7 percentage points.
This move relied on leverage and an event, but the fuel has already been pulled back. The spot lending borrow rate got cut by 67.65% within 12 hours, and the funding rate is about 0.01%, basically back to zero. At this point—once it’s gotten to this level—no one is willing to keep paying to lift the market.
If the money hasn’t left: spot shows a net inflow of $480k over three hours, and among the 12 “pillars” not a single one is negative. The contracts’ proactive-buy share is also at 0.56. But the whales’ long positions have been reducing over the past seven hours. The buyers taking over are still retail small orders; the main players are slowly exiting from the derivatives side. The buy pressure looks fierce, but the price simply won’t bounce back—everything just gets absorbed.
The more you take, the more steadily the market maker can exit. To raise and then unload, you don’t have to see them slam it with a sell wall. The day the buy orders get exhausted, one single round will wipe it all out.
Unless lending, open interest, and the funding rate start heating up again—until the price can stand back above 889—I admit this round is beyond my strength. Until then, I’m short. #zec $ZEC
This move relied on leverage and an event, but the fuel has already been pulled back. The spot lending borrow rate got cut by 67.65% within 12 hours, and the funding rate is about 0.01%, basically back to zero. At this point—once it’s gotten to this level—no one is willing to keep paying to lift the market.
If the money hasn’t left: spot shows a net inflow of $480k over three hours, and among the 12 “pillars” not a single one is negative. The contracts’ proactive-buy share is also at 0.56. But the whales’ long positions have been reducing over the past seven hours. The buyers taking over are still retail small orders; the main players are slowly exiting from the derivatives side. The buy pressure looks fierce, but the price simply won’t bounce back—everything just gets absorbed.
The more you take, the more steadily the market maker can exit. To raise and then unload, you don’t have to see them slam it with a sell wall. The day the buy orders get exhausted, one single round will wipe it all out.
Unless lending, open interest, and the funding rate start heating up again—until the price can stand back above 889—I admit this round is beyond my strength. Until then, I’m short. #zec $ZEC
