Zcash Surges, Triggering $212M in Crypto Liquidations and Unprecedented Whale Losses
A surge in Zcash (ZEC) has catapulted it into the top 10 cryptocurrencies by market capitalization. In the last 24 hours, ZEC rose approximately 15% to reach $1,170, triggering a wave of liquidations in the cryptocurrency market.
Total crypto liquidations reached around $212 million during this period, with about $156 million resulting from short position liquidations. ZEC accounted for the most significant liquidations, totaling approximately $45.32 million.
A prominent whale, known as Garrett Bullish or 'October 10 whale', reportedly held a large short position on Hyperliquid. The whale's 2x leveraged short position of 32,759.57 ZEC, worth around $38.18 million at the average opening price of $444, resulted in an unrealized loss of approximately $23.57 million after liquidation.