Zcash Traders Bet Big on Price Drop, But Spot Market Defies Expectations

Zcash (ZEC) traders on Binance have piled into short positions despite the price holding above $1,100. Data shows that 72.05% of top trader positioning is bearish, with only 27.95% long. This puts the Long/Short Ratio at 0.39, a clear tilt toward expecting a price drop.

One trader feeling the pressure of this bet is Garrett Jin, who holds a $44.9 million short position worth close to 39.76K ZEC. He entered his position at $576.30 and has seen an unrealized loss of about $21.98 million with ZEC trading near $1,128.58.

The spot market activity tells a different story, however. The 90-day Spot Taker CVD indicator remains buyer-dominant, meaning aggressive buyers continue to control cumulative taker activity on the spot side.

A fair value gap sits below the current price, stretching down toward the $1,023.60 support zone. If buyers continue to defend this area, the setup could open the door to a Wave (5) move higher, increasing pressure on the crowded short positions still open on Binance.