ZEC just had its worst day in months — and spot holders are still standing. 😅
$ZEC ~$988, down ~14% in 24h after falling from ~$1,100. It even slipped out of crypto's top 10 (now #11).
What happened: leveraged longs got wiped — over $16.5M in ZEC positions liquidated, ~88% of them longs. On Hyperliquid, 27 of 32 whale longs are now underwater, down ~$23.7M combined. Grayscale's Zcash Trust also saw $15M+ outflows in November.
The irony: ZEC is still up ~86% this year, and its NU7 upgrade just cut block times from 75s to 25s. The tech didn't break — the leverage did.
Levels: support ~$961 (today's low), then $900. Reclaiming $1,050–$1,100 flips the mood. Still ~42% below its September peak of $1,695.
Spot lesson of the day: leverage liquidates, spot accumulates. Not financial advice. DYOR.
$ZEC ~$988, down ~14% in 24h after falling from ~$1,100. It even slipped out of crypto's top 10 (now #11).
What happened: leveraged longs got wiped — over $16.5M in ZEC positions liquidated, ~88% of them longs. On Hyperliquid, 27 of 32 whale longs are now underwater, down ~$23.7M combined. Grayscale's Zcash Trust also saw $15M+ outflows in November.
The irony: ZEC is still up ~86% this year, and its NU7 upgrade just cut block times from 75s to 25s. The tech didn't break — the leverage did.
Levels: support ~$961 (today's low), then $900. Reclaiming $1,050–$1,100 flips the mood. Still ~42% below its September peak of $1,695.
Spot lesson of the day: leverage liquidates, spot accumulates. Not financial advice. DYOR.