Bearish Zcash Traders Face Aggressive Buyers
Zcash [ZEC] has seen its top traders become increasingly bearish, with nearly 72% of them holding short positions. However, despite this aggressive short positioning, ZEC's spot activity suggests a different story.
The 90-day Spot Taker CVD indicator remains buyer-dominant, showing that aggressive buyers continue to control the cumulative taker activity. This divergence is significant because the dominant short positioning has not translated into equivalent aggression on the spot market side.
Garrett Jin, a prominent figure in crypto trading and executive circles, holds a 39.76K ZEC short position valued at around $44.90 million. He entered at around $576.30, while Zcash traded near $1,128.58 at press time. The price difference has already pushed his unrealized loss to around $21.98 million.
The derivatives market participation has cooled considerably despite the strong short bias among top traders. At the time of analysis, ZEC Open Interest (OI) had fallen 11.49% to $2.41 billion in 24 hours, showing decreased outstanding leverage exposure.