Update
Zcash Selloff Driven by Traders Closing Positions
Kairos Research found that traders exiting bullish positions drove the initial selloff of Zcash (ZEC). On Hyperliquid from 14:30–17:00 UTC, those exits totaled 109,000 ZEC. The selloff was exacerbated by leveraged traders abandoning bullish positions and selling pressure, leading to a decline in ZEC price below $1,000. The selloff was characterized by a rapid closure of a 12,500 ZEC long position on Hyperliquid, which was closed through market orders at 15:29:58 UTC, coinciding with Bitcoin's retreat. ZEC subsequently fell from $1,193 to $1,001 as traders sold a net 160,000 ZEC across four perpetual futures exchanges over the following 90 minutes.