Zcash OI Hits $2.32B as Shorts Face $819.6K in 24h Liquidations
Zcash derivatives are carrying $2.32B in open interest while the coin trades at $1,224.24, down 0.6%. That combination matters: leverage expanded even as price softened, creating a structure that can amplify the next directional move. The market is not uniformly bullish or bearish, however. Short liquidations reached $819.6K over 24 hours against $271.3K for longs, while the aggregate account split was almost even at 50.3% long and 49.7% short.
News context has also centered on a January Zcash objective for safer public payments and reports of wider crypto ETF outflows.
OI is concentrated, but still rising
Binance remains the largest visible venue, holding $589.6M or 25.4% of tracked open interest after a 1.1% daily increase. Gate follows with $316.4M, representing 13.6%, and a stronger 2.5% daily rise. Bybit contributes $181.5M, or 7.8%, after adding 3.2%, while OKX holds $140.3M or 6.1% after a marginal 0.0% decline. Bitget accounts for $125.7M, or 5.4%, and gained 3.1%.
The headline total rose 0.6% over 24 hours, but the shorter-term exchange readings are more mixed: Binance, OKX and Bybit were down 0.6%, 1.9% and 1.2% respectively over four hours, while Gate increased 0.6% and Bitget was effectively flat. This suggests some leverage has recently been trimmed from the largest books even as the daily total remains elevated.
Funding is positive, with uneven pressure
The funding rate is positive across most major venues, but the intensity varies. Binance is at 0.0041%, OKX at 0.0024%, Bybit at 0.01%, Gate at 0.01% and Bitget at 0.01%. These readings indicate that longs are paying shorts, although the cost is modest on the largest venues. CoinEx is the outlier at 0.1651%, a much more aggressive long premium than the rest of the listed market.
Position data explains why a single aggregate funding figure would be misleading. Binance accounts are 44.1% long versus 55.9% short, and OKX is similarly short-heavy at 43.2% versus 56.8%. Bybit runs in the opposite direction, with 63.9% long accounts. Taker flow also disagrees with account positioning: Binance takers are 39.4% long, OKX 42.1% long, while Gate takers are 58.5% long. This is a split between defensive short positioning on major books and more aggressive buying on Gate.
Liquidation map favors a squeeze zone
The liquidation profile changed across time windows. In the latest hour, longs lost $9.8K versus $2.3K for shorts. Over four hours, long liquidations were $33.2K against $2.5K for shorts. Yet the 12-hour window flipped, with $313.8K in short liquidations versus $210.8K for longs, and the 24-hour total widened further to $819.6K shorts versus $271.3K longs.
The largest recorded event was a $129.6K Binance short liquidation at $1,247.56. Other notable short liquidations appeared on OKX at $1,238.55 and $1,224.30, while a $61.1K Hyperliquid long liquidation printed at $1,223.65. Price is therefore sitting close to both sides of the recent forced-flow map: a move above $1,238.55 could reopen short-squeeze pressure, while a break below $1,223.65 would expose long leverage.
Verdict: The immediate structure has a modest upside squeeze bias while price holds above $1,223.65 and total open interest remains near $2.32B, with $1,238.55 and $1,247.56 as the key trigger levels. The view is invalidated by a sustained move below $1,223.65 while open interest stays above $2.32B, which would signal that fresh leverage is reinforcing downside rather than fueling a squeeze. Data as of 09:05 Beijing time on Oct 11, covering Binance, OKX, Bybit and other major venues.