Who keeps opening new ZEC futures positions under $1,000?
Zcash lost $1,000 on Nov 11 for the first time since September, with the Binance perp printing a low near $951. From the Nov 6 high around $1,388, that is roughly a 31% drop in five days.
The chart is the ZEC perp on 1H. Below price: funding averaged across four major venues, then an open interest panel that splits each hour into new longs, new shorts, long unwinding and short covering.
My read: the crash candle itself was a long flush, the big orange bar. What came after matters more. Binance open interest rose about 12% in coin terms between 00:00 and 12:00 UTC on Nov 11 while price kept sliding, and the account long/short ratio has since dropped from 1.03 to 0.85. Funding dipped negative for only a few hours and is back slightly positive. Fresh leverage, mostly short by headcount, is piling in near $960-$1,000 without paying much to hold it. If $951 holds and OI falls on a bounce, late shorts are covering. If OI keeps climbing into new lows, the next sharp move is likely to be forced.
Late shorts or patient dip buyers: who is wrong here?
$ZEC #ZcashFallsBelow$1000ForFirstTimeSinceSeptember #zcash #altcoins
Zcash lost $1,000 on Nov 11 for the first time since September, with the Binance perp printing a low near $951. From the Nov 6 high around $1,388, that is roughly a 31% drop in five days.
The chart is the ZEC perp on 1H. Below price: funding averaged across four major venues, then an open interest panel that splits each hour into new longs, new shorts, long unwinding and short covering.
My read: the crash candle itself was a long flush, the big orange bar. What came after matters more. Binance open interest rose about 12% in coin terms between 00:00 and 12:00 UTC on Nov 11 while price kept sliding, and the account long/short ratio has since dropped from 1.03 to 0.85. Funding dipped negative for only a few hours and is back slightly positive. Fresh leverage, mostly short by headcount, is piling in near $960-$1,000 without paying much to hold it. If $951 holds and OI falls on a bounce, late shorts are covering. If OI keeps climbing into new lows, the next sharp move is likely to be forced.
Late shorts or patient dip buyers: who is wrong here?
$ZEC #ZcashFallsBelow$1000ForFirstTimeSinceSeptember #zcash #altcoins
