Zcash News Today: Zcash Bulls Outmuscle Shorts in $16M Gain vs. $14.5M Loss

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Zcash (ZEC) experienced a dramatic spike in liquidation activity on November 7, with total contract liquidations across the network reaching $18.8 million in a 24-hour period, trailing only Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) in magnitude. According to Coinglass data, long liquidations totaled $2.15 million, while short liquidations surged to $16.65 million, highlighting intense speculative pressure in the market, according to a Lookonchain report.

The largest ZEC short position on Hyperliquid, held by address 0xd47, faced an unrealized loss of $14.5 million—a 250% decline—as ZEC prices climbed 15% to $586. The position, initiated on October 11, has seen the trader repeatedly average down during price increases, but the account remains open despite mounting losses, a Lookonchain update. Meanwhile, a bullish whale on Hyperliquid (0x96e) capitalized on the upward trend, amassing a $16.33 million long position with an 87% unrealized gain over three days. This trader's aggressive leverage and timing underscore growing optimism in ZEC's short-term trajectory, as detailed in a Lookonchain post.

ZEC's price action has been driven by robust buying pressure, with the token surging 48.74% weekly and 15.53% in 24 hours, according to CoinMarketCap. A whale wallet secured $2.7 million in unrealized gains within three days by purchasing 32,000 ZEC at an average price of $513. The position's liquidation threshold is set at $373.13, providing ample room for further gains as the asset trades above key technical levels, notes a TronWeekly analysis.

Technical indicators reinforce the bullish case. ZEC remains above its 20- and 50-period moving averages, with the RSI nearing overbought territory at 67.98 and the MACD showing sustained upward momentum. Analysts suggest the price could test $575 if it maintains above $520, though a breakdown below $495 could trigger a pullback to $452, according to an FXStreet forecast. The Bollinger Bands, meanwhile, have widened to reflect heightened volatility, with immediate resistance at $542.69.

The surge in ZEC activity contrasts with broader crypto market dynamics. While Bitcoin and Ethereum ETFs faced outflows totaling $566.4 million and $219.4 million on November 4, respectively, Solana (SOL) ETFs saw inflows of $14.9 million, indicating divergent investor sentiment across altcoins . ZEC's performance, however, has been less affected by macroeconomic headwinds, such as the Federal Reserve's liquidity injections, which have failed to broadly rally crypto markets .

Despite the optimism, risks persist. The largest ZEC short position on Hyperliquid has yet to close, and the token's recent 16% weekly decline has raised concerns about sustainability. Institutional buyers, however, appear to be accumulating during dips, with ETFs excluding Grayscale's GBTC recording a net inflow of 5,000 BTC on November 4 amid a broader market selloff .

ZEC's trajectory reflects a broader shift in crypto trading behavior, with privacy-focused assets gaining traction as investors seek alternatives to dominant chains. Whether ZEC can maintain its momentum will depend on its ability to hold key support levels and navigate the volatile landscape of leveraged trading.

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