Zcash tokens and ZEC continue to rise, driving a large-scale short liquidation in the derivatives market. CoinGlass Data shows that in the past 24 hours, approximately $54.3 million in ZEC leveraged positions were forcibly closed, of which about $48.91 million were shorts, accounting for nearly 90%.
ZEC's latest price once rose to around $1,220, with a 24-hour increase of about 19%. According to CoinGecko data, Zcash's market value has exceeded $20 billion, placing it in the top ten of crypto asset market values.
Short liquidations occur in a concentrated manner.
This round of liquidation mainly occurred in short positions. Among multiple trading platforms, Binance had the highest liquidation amount, which was approximately 20.69 million US dollars, of which about 17.5 million US dollars came from short positions. Hyperliquid followed closely, with a liquidation amount of about 14.09 million US dollars, almost all of which also came from short positions.
Looking at a longer period, ZEC has seen a cumulative increase of over 130% in the past month and a rise of more than 2700% in the past year. After the price soared rapidly, leveraged short sellers faced significant pressure, which further amplified short-term fluctuations.
ETF Capital inflow drives attention
One of the market focuses is on Zcash ETF listed in the United States. On August 25th, Grayscale converted its existing Zcash Trust to ETF and traded it on NYSE Arca under the code ZCSH. This is also the first ETF product listed in the U.S. that directly offers ZEC exposure.
As of September 4, the fund had recorded at least $34.4 million in net inflows. As ZEC continued to rise, the fund's asset size subsequently exceeded $400 million.
Traditional account buying channels have increased.
After the ETF goes public, investors can configure ZEC through traditional brokerage accounts without the need to directly hold the tokens. For assets with a relatively limited circulation scale, such an expansion of capital inflows often increases market demand and enhances price elasticity.
