ZEC tonight has been a busy but pointless affair: first it liquidated the shorts, then it liquidated the longs.
The rally started at 8:30. It surged from 1,430 to 1,494.19 by 9:30, which is the 24-hour high. Now Binance and OKX are both around 1,425. The entire gain has been given back, and it is down 4.6% from the peak.
In the past 4 hours, ZEC was blown up by $7.81 million, with short positions accounting for $5.35 million. In the segment when it spiked to the top, a lot of the short sellers were squeezed out. In the past hour, the direction flipped again: long positions were liquidated for $1.37 million, while shorts were only $86,000. Those who chased at the high end ended up as the bag holders.
Positions are also being withdrawn. On Binance, holdings rose from 900,000 to 454,000 coins by 9 o’clock, and now are down to 446,000—down 1.8%. It’s also lower than it was at 6 o’clock in the evening. All the leverage added during the pump has been fully unwound.
Retail traders and large holders think differently. On Binance, only 38.6% of accounts are going long, while more than six-tenths are betting on shorts; however, when measured by position size, large holders have 56.9% in long positions. With a 0.01% fee, neither side is being squeezed.
Do you think 1420 can hold, or do you expect a pullback to retest the intraday low at 1377?
Check in real time: https://www.coinboss.com/zh/open-interest/ZEC