Zcash (ZEC) has become a focal point for bearish traders as the largest on-chain short position grew to $51.5 million. According to data shared by Lookonchain, trader Garrett Jin increased his short to 37,760 ZEC and is currently down more than $26 million, with liquidation risk at approximately $2,631.53. Jin added to the position roughly 11 hours before the report, signaling persistent bearish conviction.
In a separate liquidation event, trader 0x3c83 closed a long position and flipped short on 767.2 ZEC, worth about $1 million, before being liquidated. This occurred as total liquidations across the cryptocurrency market reached roughly $212 million, highlighting heightened volatility and shifting sentiment.
Zcash is well known for its privacy-focused design, but it has faced regulatory scrutiny and mixed market signals. With trading volume still relatively cautious and the Fear & Greed Index reflecting hesitation, traders are watching whether ZEC approaches the key liquidation threshold, which could trigger another wave of volatility.
