Conclusion up front: ZEC saw $820,000 liquidated over four hours, with shorts being cleared of $770,000—accounting for 94%. Yet open positions continue to grow.
ZEC’s current price is about $1,329. It’s up 1.2% over the last 24 hours. On Binance, the high was 1,344 and the low 1,282; on OKX, it was up 1.2%, with a high of 1,345 and a low of 1,283. There’s no obvious divergence in price.
This move isn’t a big bullish candle lifting the longs—instead, the shorts are stubbornly holding out at higher levels. The largest short position around Binance at about $1,359 was liquidated, amounting to $173,000. In four hours, Binance and OKX combined liquidations totaled $710,000, accounting for the majority of ZEC’s liquidation in this wave.
What’s even more troublesome is that the ZEC contract open interest has reached $2.55 billion, increasing by 5.2% over the past 24 hours. Price is up only 1.2%, while positions are still piling higher, suggesting that the leverage from chasing longs and holding shorts hasn’t clearly exited. This makes it more likely to see a second wave of liquidations later.
Do you think this move in ZEC is a short squeeze, or is the next round of liquidation on the way?
Check in real time: https://www.coinboss.com/zh/liquidations/ZEC