BREAKING: Zcash Holds Above $1,300 as $5 Million in Shorts Get Wiped Out — Despite $124 Million in ETF Outflows
Zcash is holding strong above $1,300 on Monday, rising about 6 to 8 percent in the last 24 hours for its third straight day of gains. The privacy coin now has a market value of around $21 to $22 billion, making it one of the biggest winners in a market where Bitcoin is near $83,800 and Ethereum is near $2,540.
The move turned aggressive in just one hour, when Zcash jumped from about $1,277 to about $1,317. In that same hour, about $5 million in short positions were wiped out across Binance, Bybit and OKX, with no long liquidations at all. One single short bet worth $3.25 million was liquidated on Binance at $1,313, showing how badly bearish traders were caught.
What makes the rally surprising is the ETF picture. Grayscale's Zcash fund, ZCSH, has lost about $124 million in two weeks — about $94 million in the week ending October 2 and another $31 million last week. That was its first run of weekly outflows since August, yet the price kept rising and the outflows are now getting smaller.
Traders are now watching the $1,330 level, a key trendline just above the current price. Zcash has held well above its 50-day average near $1,195, and a clean break above $1,330 could open the way toward $1,400 and $1,422. If the price fails there, support sits much lower, with $1,050 mentioned as a downside risk.
For traders, this is a classic short squeeze fighting against weak institutional demand. Squeezes can push prices up very fast, but the ETF outflows show big investors are still cautious, so sharp reversals are possible. Low leveraged positions after the recent correction may help, but volatility is likely to stay high around these levels.
This post is news only, not financial advice. Always do your own research before buying or selling crypto.
Sources: Pluang, CoinTurk, Crypto.news, TradingKey
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