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ZEC Short squeeze triggered liquidation imbalance, and ETF capital inflows formed spot market hedging.
ZEC led the wave of crypto-asset liquidations totaling US$212 million. As its price soared by about 15% to around US$1,170, ZEC's unilateral liquidation amount reached US$45.32 million. Of the total liquidations of $212 million, short positions accounted for approximately $156 million, indicating that bearish traders bore most of the losses.
On September 6, Zcash became the focus of cryptocurrency derivatives trading as the price of ZEC rose 15% to about US$1,170. At the same time, the overall market liquidation scale was approximately US$212 million, of which short position liquidation accounted for approximately US$156 million.
Short squeeze drives liquidation imbalance
Liquidation data shows that excessive concentration of short positions has exacerbated the market volatility. As prices rose, leveraged short positions lost margin support and exchanges forced liquidations. Forced stabilization requires buying to cover positions, which further increases buying pressure. Data shows that pressure is mainly concentrated on short positions rather than long liquidations.
This imbalance is evident across the market, with short liquidations accounting for nearly three-quarters of total liquidations. However, ZEC performed particularly well, with more than US$10 million in liquidation than Ethereum. Specifically, ZEC generated a clearing amount of approximately US$45.32 million, the largest among the major tokens; Ethereum followed closely with US$35.16 million; Bitcoin recorded US$16.79 million, and Arbitrum recorded US$12.93 million. This means that ZEC accounted for more than one-fifth of all liquidations during that period.
The accumulation of derivative size accelerated before September 6. As of September 4, open interest on ZEC perpetual contracts reached a record of approximately US$2.4 billion, compared with only about US$700 million as early July, indicating that leverage exposure has expanded significantly as prices have risen. The move also allowed the token price to exceed the US$1,000 mark for the first time, which it has not been touched since its early stages of listing. At a price level of about $1,170, its market value briefly approached $19.8 billion, even surpassing Hyperliquid at some point. [TAG
At the same time, momentum indicators reflect the speed of the rally. The 14-day Relative Strength Index (RSI) rose above 82. ZEC is trading more than twice its 200-day moving average of about $449.40.
ETF inflows provide cash market hedging
Derivatives are not the only source of funding. Grayscale converted its long-running Zcash trust fund into a Zcash ETF (symbol: ZCSH) in August. After the trust was renamed on August 24, its shares have been registered for trading with NYSE Arca.
The fund officially unveiled on August 25 and attracted a net inflow of at least US$34.4 million. ZCSH provides exposure to broker investors without having to directly host cryptocurrencies.
Regulation and network development are also part of the background. In January this year, the Zcash Foundation said that the U.S. Securities and Exchange Commission (SEC) had terminated the subpoena investigation issued in 2023 and had not recommended enforcement action. Subsequently, the network completed the Ironwood NU6.3 upgrade on July 28. The release introduces a new shielding pool to address Orchard's security vulnerabilities and aims to make the integrity of circulating supplies independently verifiable.
Despite the recent rebound, ZEC is still below the all-time high of $3,191.93 recorded by CoinGecko. The current real-time market structure is mainly defined by record derivatives exposure, ETF inflows and forced short liquidations.
The wave of liquidations on September 6 showed how deep leverage had influenced price discovery during this rally. With a ZEC clearing amount of US$45.32 million, the token led a market reset totaling US$212 million that day.
