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Following
ZEC Zcash Leveraged Liquidation: Sharp correction after frenetic trading
Zcash (ZEC) continued its significant downtrend on Friday as deleveraging occurred in one of the hottest trades in the cryptocurrency market. According to the latest data from CoinGlass, ZEC is currently trading at about $1,090 to $1,120, a decline of about 10% to 12% in 24 hours.
Although the token has fallen sharply from its September 9 high near $1,298, it has maintained a gain of about 15% over the past week. The pullback triggered forced liquidation of approximately $27.6 million in ZEC futures within 24 hours, while open interest fell to approximately $2.11 billion. In contrast, futures trading volume remained extremely high at nearly US$8.3 billion, while spot trading volume was only about US$760 million.
Leveraged positions are shrinking
The decline follows Zcash's stunning gains. Zcash has risen more than 2,400% in the past year and soared from below $500 in August to nearly $1,300 this week. The rise in prices is accompanied by a simultaneous increase in leverage.
Near the peak, open interest in ZEC futures climbed to about $2.9 billion, meaning billions of dollars in positions were exposed to even moderate market reversal risks. The current amount of open interest has dropped to about $2.1 billion, indicating that traders are reducing this exposure as volatility increases.
This is the opposite of the mechanism that previously led to Zcash short squeezing. At that time, bear positions were forced to be closed with open contracts exceeding US$2.3 billion. The key difference today is that crowded long positions are being tested.
US$533 million ETF provides bullish hedging power
Institutional demand has not disappeared. According to official fund data, as of September 8, Grayscale's Zcash ETF (code: ZCSH) managed assets of approximately US$533 million, including approximately 464,515 ZECs.
This is an increase from US$463 million a few days ago, although part of the increase reflects a rapid rise in ZEC prices rather than entirely new inflows. The ETF opens up a new institutional channel for a market that has benefited from renewed interest in private assets. Analysis shows that the sector has risen 213% since Bitcoin's 2025 high, with Zcash contributing most of the excess returns.
ZEC's recent breakthrough of US$1,200 is also supported by ETF demand, which has tightened supply and driven aggressive derivatives positioning.
US$1,050 becomes the next key test level
The current core question is whether ZEC can stabilize in the US$1,050 to US$1,100 range. If they can continue to stand firm in this range, it shows that buyers are still willing to absorb profit-taking after a parabolic rise. However, a clear break below $1,050 could accelerate the deleveraging process and expose lower technical support levels.
Although the basic privacy and institutional narratives remain complete, the latest data shows that Zcash is no longer driven solely by off-the-spot demand. Given the US$2.1 billion in open interest and more than US$8 billion in daily futures trading volume, the leverage ratio is still large enough to amplify the direction of volatility next time.
