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ZEC TLDR
Contents
TLDR
Spot buyers fight back against short bias
Technical structure still points to a possible fifth wave
Top Binance traders have heavily shorted ZEC, with short positions accounting for 72.05%, while long positions accounting for only 27.95%.
Garrett Jin's short position of $44.9 million faced unrealized losses of approximately $21.98 million.
Spot Taker CVD shows that despite the bearish market sentiment, buyers continue to absorb selling.
ZEC open interest fell 11.49% to US$2.41 billion, and derivatives trading volume fell 42.06%.
The fair value gap near US$1,023.60 will determine whether ZEC starts a new round of gains.
Even though the price remained above US$1,100, Zcash (ZEC) traders with currency positions were still opening short positions. CoinGlass data shows that short accounts account for 72.05% of the positions held by top traders, while long accounts account for only 27.95%. The long-short ratio is 0.39, showing a clear bearish tendency.
In this game, Garrett Jin is under tremendous pressure. He held short positions worth nearly US$44.9 million, totaling 39,760 ZECs. Jin's opening price is US$576.30. As of press time, ZEC was trading at approximately US$1,128.58, and its unrealized loss had reached approximately US$21.98 million. His strong flat price is US$2,540.50, so there is no immediate risk of selling. But if prices rise further, it will not only increase his losses, but may also put pressure on other traders holding similar short positions.
Zcash price trend on CoinGecko
Spot buyers fight back against short bias
Although derivatives traders tend to be bearish, spot market activity takes on a different picture. The 90-day Spot Taker CVD indicator still shows buyers dominate, meaning that on the spot side, active buyers continue to control cumulative active buying activity.
This divergence is noteworthy. The large number of short positions was not accompanied by similar selling pressure in the spot market. Even as many traders expected a deeper correction, buyers continued to absorb the supply available in the market. This gap between spot demand and short positions is one of the reasons why Jin's positions are in a floating deficit state.
The popularity of derivatives activity has also cooled. In the past 24 hours, ZEC open interest fell 11.49% to $2.41 billion. During the same period, derivatives trading volume fell sharply by 42.06% to US$5.99 billion. These two data suggest that traders are reducing exposure rather than opening new highly leveraged bets.
This is crucial because a truly new wave of large short selling is usually accompanied by an increase in open interest rather than a decline. On the contrary, the current high short ratio is more like a correction in overall trading activity after ZEC's previous price rise.
Technical structure still points to a possible fifth wave
On the daily chart, ZEC entered a correction phase after failing to break through the resistance level of US$1,256.68. Analysts using Elliot Wave theory view the decline as a potential fourth-wave correction.
There is a fair value gap below the current price, extending downward to the support area of US$1,023.60. This area is seen as a key line of defense for the sustainability of the multi-head structure.
The MACD indicator is still above the signal line with values of 138.95 and 112.00 respectively, and the histogram reading is positive 26.94. Despite the recent correction, this maintains a positive overall momentum.
If buyers continue to defend the fair value gap, this pattern could open the door to a higher fifth-wave market. Such movements will further increase the pressure on Binshang's large number of short positions that have not yet been closed.
As of now, despite severe short bias among top traders, ZEC prices have remained above $1,100, trading at around $1,128.58.
