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ZEC Core Points
Zcash (ZEC) prices ignored bearish signals, broke through the $1500 mark and entered the price discovery stage. As the bullish momentum continues, the scale of short liquidations continues to accumulate, with the amount of open interest reaching US$3.47 billion. A well-known trader suffered huge losses while shorting private coins.
Zcash prices have just hit a record high (ATH), marking an important milestone in the cryptocurrency space. Despite previous signs of a potential correction, the bulls still maintain strong upward momentum. Zcash prices exceeded the all-time $1500 mark for the first time and hit a new high of $1535 in early trading on Friday. The overall crypto market has digested expectations of interest rate hikes and rebounded slightly in the second half of the week. 
Zcash (ZEC) Price Trend| Source: TradingView
ZEC seems to have seized the opportunity of a recovery in the crypto market. Its price trend has surpassed most mainstream currencies, including Bitcoin and Ethereum, and has entered the price discovery stage strongly with new momentum. Previously, ZEC prices had suggested that momentum had weakened. The privacy coin had previously formed a bearish divergence from the Relative Strength Index (RSI), and this unexpected rise has had noteworthy consequences.
Bullish Zcash (ZEC) prices trigger a surge in clearing
此前的看跌背离让许多 ZEC 交易者确信市场即将陷入回调。在过去24小时内，约有2650万美元的空头头寸被清算，而 ZEC 多头清算金额仅为51亿美元。清算比例明显偏向空头，表明更多交易者预期的是回调而非持续上涨。有趣的是，本周观察到的单日最高空头清算额出现在周三，高达4890万美元。
ZEC 清算数据 | 来源：CoinGlass
ZEC 空头的严重亏损反映出市场对回调抱有沉重预期。Lookonchain 指出，一位知名交易员成为了这场 relentless 看涨行情的受害者之一。据报道，这位持有1830万美元空头头寸的交易员此前曾连续赢得26笔交易。然而，这笔 Zcash 交易据报几乎抹去了他之前的所有盈利。这一特定交易员的叙事突显了 Zcash 价格推向1500美元的不可预测性。同时，这种看涨表现也提醒人们，资产价格在价格发现阶段的行为可能极具不确定性。
Grayscale 可能是近期 Zcash 需求激增的核心推手。这得益于其 ZEC ETF，该基金于8月25日在纽约证券交易所阿帕奇板块（NYSE Arca）开始交易。尽管已看到显著的需求，但最近的公告进一步推高了热度。Grayscale 宣布将其 Zcash ETF 份额进行3:1的前向拆分。该公司表示，拆分后的份额将于9月30日开始交易。据报道，此举旨在确保交易员能以更低的价格门槛更便捷地参与交易。
Zcash 价格的下一步走势？
Grayscale 的参与凸显了强劲的需求。然而，拆分也暗示价格可能上涨过快，因此目前被视为超买。与此同时，ZEC 价格图表显示看跌背离现象更加显著。此外，Coinglass 上的期货数据显示，负资金费率自六月以来出现了最大幅度的飙升。
受关注的 Zcash (ZEC) 链上指标 | 来源：Coinglass
这一飙升伴随着新的未平仓合约峰值，达到34.7亿美元。这是该隐私币有史以来达到的最高未平仓合约水平。这些观察结果至关重要，因为它们意味着杠杆交易将面临更大的潜在损失。居高不下的未平仓合约和新历史高点可能会促使交易者开始获利了结。这可能导致局势反转，而回调将使当前的多头头寸面临清算风险。
