Whale opens $11.9M ZEC long, market politely disagrees 🐳

Trader Garrett Jin returned to the spotlight after opening a 2x leveraged long position on 27,723 ZEC worth approximately $11.9 million, a move that followed the closure of a previous short position. The trade recorded an unrealized loss of more than $812,000 shortly after entry as Zcash [ZEC] continued to struggle beneath key resistance. The position was opened near a major support region rather than after a confirmed breakout, drawing attention from market participants monitoring the trade.

Binance's top traders held a markedly different view. Data from the exchange's Top Trader Long/Short Ratio showed that 37.39% of accounts remained long while 62.61% held short exposure, putting the ratio near 0.60. Earlier sessions had shown stronger bullish participation, but sellers gradually regained control as sentiment weakened, leaving the platform's experienced traders net short despite recent recovery attempts.

Zcash [ZEC] showed signs of stabilization after defending the $359.60 support level. Buyers stepped in around that area and pushed the asset back above $422.50, and ZEC was last trading near $429. The recovery faced a major obstacle at $523.63, a level that previously acted as support inside the ascending channel before the recent breakdown shifted control toward sellers. A reclaim of $523.63 would open a path toward $620, though buyers faced significant work before confirming a broader recovery. The RSI recovered to 42.61 after falling near oversold territory, indicating that selling pressure had eased but that buyers had not fully regained control.

Liquidation data pointed to a market still searching for direction. Recent figures showed approximately $562,960 in short liquidations compared to $472,740 in long liquidations. Binance accounted for the largest share of activity, recording roughly $216,900 in short liquidations and $248,600 in long liquidations, while Bybit, OKX, HTX, and CoinEx also registered notable liquidations across both sides of the market. The relatively balanced totals suggest that neither longs nor shorts currently hold a decisive advantage.