Traders on Binance have established heavy short positions on Zcash (ZEC) even as the price holds above the $1,100 mark. Data from CoinGlass indicates that short accounts account for 72.05% of top trader positioning, while long accounts make up 27.95%. This results in a Long/Short Ratio of 0.39, reflecting a widespread expectation among derivatives traders for a price decline.
Among those holding substantial short positions is trader Garrett Jin, whose 39.76K ZEC short is valued at approximately $44.90 million. Having entered the position at an average of $576.30, Jin faces roughly $21.98 million in unrealized losses with ZEC trading near $1,128.58. His liquidation price stands at $2,540.50, though further price increases would add to his ongoing losses and potentially pressure other market participants with similar bearish setups.
Despite the bearish positioning in the derivatives market, spot market activity presents a contrasting picture. The 90-day Spot Taker CVD indicator remains buyer-dominant, showing that aggressive buyers continue to control cumulative taker activity on the spot side and absorb available supply despite expectations for a correction.
Meanwhile, derivatives activity has experienced a cooldown. ZEC Open Interest decreased by 11.49% over 24 hours to $2.41 billion, while derivatives trading volume dropped 42.06% to $5.99 billion. Analysts note that these metrics point to traders reducing overall exposure rather than initiating a surge of fresh short selling.
On the technical front, ZEC is experiencing a daily chart pullback after failing to clear resistance at $1,256.68. Analysts monitoring Elliott Wave structures view the current dip as a potential Wave (4) correction. A fair value gap near the $1,023.60 support zone is being watched to determine if the bullish structure can hold, while the MACD indicator remains above its signal line at 138.95 versus 112.00, keeping broader momentum constructive.
