Crypto
Binance Traders Bet Big Against Zcash Rally, But Buyers Refuse to Back Down
Zcash (ZEC) traders on Binance have piled into short positions, betting against a rally in the price. According to data from CoinGlass, top trader positioning is heavily skewed toward shorts, with 72.05% of accounts short and only 27.95% long.
One notable short seller is Garrett Jin, who holds a significant position worth close to $44.9 million. His unrealized loss currently sits at about $21.98 million, as the price of ZEC has risen to around $1,128.58.
Despite the bearish positioning among top traders, spot market activity suggests that buyers are still absorbing available supply. The 90-day Spot Taker CVD indicator remains buyer-dominant, indicating aggressive buying in the spot market.