ZEC, this move is a bit interesting.
The price is down 0.45%, yet OI is actually rising—15m contracts +0.07%, 1h +0.26%, with nominal change ranking 4th across the whole pool. When price falls while OI rises, it’s a classic structure of shorts adding leverage, not just longs closing out.
More importantly, a 5m Binance Futures liquidation proxy for 274K USDT is clearly skewed in the sell direction. Shorts are pushing downward, but liquidation pressure is also building up—when things are like this, neither side feels great.
The 24h trading volume is still 2.39 billion, and the depth is there—this isn’t a small pool. The abnormal percentile is 60.9%, full-pool abnormal #87—not extreme, but worth keeping an eye on.
Aggressive trade delta is -1.3%, buy/sell ratio is 0.97: sell pressure is slightly dominant but not out of control. Looking at OI nominal changes together—-2.53M and +491K—suggests short-term funds are rotating rather than fleeing in one direction.
My take: the shorts are probing, but if the price can’t hold, this newly added leverage will be fuel for the next wave of liquidations. Conversely, if the shorts can’t get crowded out, a short squeeze is also not impossible.
$ZEC
The price is down 0.45%, yet OI is actually rising—15m contracts +0.07%, 1h +0.26%, with nominal change ranking 4th across the whole pool. When price falls while OI rises, it’s a classic structure of shorts adding leverage, not just longs closing out.
More importantly, a 5m Binance Futures liquidation proxy for 274K USDT is clearly skewed in the sell direction. Shorts are pushing downward, but liquidation pressure is also building up—when things are like this, neither side feels great.
The 24h trading volume is still 2.39 billion, and the depth is there—this isn’t a small pool. The abnormal percentile is 60.9%, full-pool abnormal #87—not extreme, but worth keeping an eye on.
Aggressive trade delta is -1.3%, buy/sell ratio is 0.97: sell pressure is slightly dominant but not out of control. Looking at OI nominal changes together—-2.53M and +491K—suggests short-term funds are rotating rather than fleeing in one direction.
My take: the shorts are probing, but if the price can’t hold, this newly added leverage will be fuel for the next wave of liquidations. Conversely, if the shorts can’t get crowded out, a short squeeze is also not impossible.
$ZEC