Bearish zcash bets hit record high as privacy token's price crashes
60-second summary
Zcash's price crash has led to bearish bets hitting a record high, with open interest in ZEC futures climbing to a record high in token terms, indicating traders are aggressively shorting the token. This surge in short positions suggests a growing consensus among traders that Zcash's price will continue to decline, further weighing on its value.
Liquidations were small relative to the size of the decline, pointing to spot selling rather than a leverage cascade, while open interest in ZEC futures climbed to a record high in token terms as traders crowded into the slide from the short side.