Zcash Shorts Soar to 72% as Buyers Continue to Challenge Bearish Views

Short positions in Zcash (ZEC) have reached an all-time high of 72.05%, according to CoinGlass analytics, while long positions stand at a mere 27.95%. This significant disparity suggests that top traders remain skeptical about ZEC's ability to sustain its current price structure.

However, the massive short position held by prominent trader Garrett Jin has already incurred an unrealized loss of $21.98 million. Jin entered his short position at $576.30, but ZEC is currently trading at $1,128.58. While his liquidation price sits at a higher $2,540.50 level, this still leaves room for further losses if the price were to rise.

The 90-day Spot Taker CVD indicator on CryptoQuant shows aggressive buying activity despite expectations of a deeper price correction. This divergence between spot market demand and bearish positioning among top traders suggests that buyers are absorbing available supply, thereby limiting downward pressure on the price.