This ZEC rally is getting interesting. It’s up 2.36% over 15m, with volume at 1.75x, while OI is falling: -0.31% over 15m and -2.17% over 1h. That’s not new longs entering—it looks more like shorts being squeezed into closing their positions.
The 5m liquidation proxy is 376K, concentrated on the buy side. Combined with a 10% taker flow imbalance and a 1.22 buy/sell ratio, the market is clearly leaning bullish. The OI anomaly percentile is 90.3%, ranking #9 across the pool, while the notional change ranks #3. This suggests ZEC isn’t moving in isolation—it’s one of the biggest movers across the pool.
The key is still the structure: price up + OI down is a classic short squeeze. If OI keeps falling while price holds up, there could be another leg higher. But if volume dries up, watch out—the short covering may be over. Keep an eye on it.
The 5m liquidation proxy is 376K, concentrated on the buy side. Combined with a 10% taker flow imbalance and a 1.22 buy/sell ratio, the market is clearly leaning bullish. The OI anomaly percentile is 90.3%, ranking #9 across the pool, while the notional change ranks #3. This suggests ZEC isn’t moving in isolation—it’s one of the biggest movers across the pool.
The key is still the structure: price up + OI down is a classic short squeeze. If OI keeps falling while price holds up, there could be another leg higher. But if volume dries up, watch out—the short covering may be over. Keep an eye on it.