Zcash Trader Bites Back with $7.66M Paper Loss as Token Surges
A Zcash derivatives trader has accumulated $7.66 million in unrealized losses after becoming trapped in a heavily leveraged short position, as the token approaches the $1,500 mark.
The trader's initial entry was executed at an average price of $867 per unit, against a reference price that stood near $1,486 during the morning session. The notional value of the contract reached $18.3 million, with a leverage level of 10.82x and a free margin totally exhausted.
The impact of bearish bets is not limited to a single trader on the order books. Trader Garret Jin recently recorded paper losses exceeding $26 million on a short position when Zcash reached a maximum of $1,400. Total ZEC liquidations in the last 24 hours reached $32.7 million, with $27.17 million corresponding exclusively to short positions.