Zcash Latest Updates: ZEC Reaches Highest Level in 7 Years as $18.8M Gets Liquidated, Yet Derivatives Indicate Weakness
- Zcash (ZEC) surged to a $586 seven-year high, driven by institutional interest and 30.41% shielded pool adoption. - $18.8M in ZEC perpetual futures liquidations highlight market volatility, with a $14.5M short loss on Hyperliquid. - Derivatives data shows $713M open interest and $30.27M long liquidation risks, signaling fragile bullish momentum. - Analysts warn of potential correction below $450 despite strong privacy-driven adoption and spot wallet inflows.
Data from Coinglass reveals that in the last 24 hours, the total liquidation value of
The rapid appreciation of ZEC has also fueled a spike in derivatives trading. Open interest in ZEC futures has jumped to $713 million, marking a 25% rise in just one day, based on Lookonchain data, while futures trading continues to outpace spot volumes. Many traders are hedging against declines, as evidenced by sharply negative funding rates that indicate a preference for short positions, according to Coindesk. Meanwhile, Zeta Global’s Q3 report showed a 26% increase in revenue, reflecting broader optimism about crypto infrastructure, though its stock fell 5.22% after the earnings release, as noted by
Analysts highlight Zcash’s technical strength as a major factor. Over the past week, ZEC’s price has climbed 48.74%, with one large holder securing $2.7 million in unrealized profit from a 32,000 ZEC long position, according to
On the macroeconomic front, the Federal Reserve’s cautious approach to rate reductions adds further uncertainty. Governor Philip Jefferson described current interest rates as “somewhat restrictive,” implying a gradual move toward a neutral stance, according to
Looking ahead, analysts have set Zcash’s next major price target at $594, warning that failure to break above $438 could test buyer conviction, according to Yahoo Finance. For now, the coin’s growing shielded adoption and institutional demand point to a resilient outlook, even as leveraged traders prepare for possible price swings.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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