Conclusion first: The ZEC bulls are paying high funding fees on one hand, and getting liquidated on the other. Over the past 24 hours, $19.58 million was liquidated, 98% of which came from long positions. People chasing the price get squeezed on both sides.
ZEC’s network-wide average funding rate is about 0.019% per 8 hours, which translates to roughly 21% annualized. Major exchanges like Binance and Bybit have already pushed funding rates to around 0.01%. Longs are still paying shorts every 8 hours, yet positions are not loosening.
Total holdings: $2.435 billion; over the past 24 hours, it shrank by 6.04%. But Hyperliquid still accounts for 22.44%, and it also fell by 2.61% over 4 hours, suggesting on-chain leverage is receding.
$ZEC $BTC
The longs have already paid and got liquidated again. How long do you think this ZEC leverage pullback will continue?
View in real time: https://www.coinboss.com/zh/currencies/ZEC