Zcash OI Hits $2.64B as Taker Longs Fall to 39.7%

Zcash derivatives are carrying $2.64 billion in open interest after a 0.97% 24-hour increase, but the flow beneath that headline is less constructive: only 39.7% of taker positions are long, against 51.8% of accounts long. That gap points to a market where passive positioning leans long while aggressive execution is still selling. Recent coverage has focused on a macro case for Zcash and its Washington policy push.

OI is rising, but leadership is split

The exchange map gives the clearest view of the price-structure tension. Binance holds the largest reported share at 23.89%, or $631.0 million, yet its OI fell 1.7% over 24 hours. Gate carries 12.52%, or $330.6 million, with OI up 0.58%, while Bybit holds 8.45%, or $223.3 million, after a 1.8% increase. OKX contributes 6.09%, or $160.9 million, but declined 4.78%.

The shorter window is more mixed still. Binance OI rose 1.37% over four hours, while Gate gained 3.34%. Bybit fell 4.4% and OKX dropped 1.97%. In other words, the aggregate expansion is not a uniform buildup across the largest venues. The dominant Binance book is shrinking on the daily view, while smaller or secondary pockets are adding exposure.

Funding is positive, but not evenly crowded

Funding rates show that longs are paying across most major venues, though the burden varies sharply. Binance, Bybit, Gate and BitMEX each show 0.01%, while Bitget is at 0.0136% and Aster at 0.020162%. CoinEx is the outlier at 0.165056%, compared with 0.000653% on Kraken and 0.002748% on Hyperliquid. That dispersion matters: the broad market is not paying one uniform premium for long exposure, and the richest carry is concentrated rather than systemic.

The account-versus-taker split reinforces that reading. Binance accounts are 43.3% long, but Binance takers are only 37.1% long. OKX accounts are 51.5% long versus 45.1% for takers, and Gate accounts are 52.0% long against 36.9% takers. Bybit is the exception among the reported account books, with 60.2% long, although its four-hour OI fell 4.4%. Active traders are therefore leaning short even as account ratios remain balanced or long-heavy.

Liquidations mark a two-sided pressure zone

The liquidation map changed character across timeframes. In the latest one-hour window, short liquidations reached $126,907.83 against $1,763.99 of longs, showing that a move higher can still force short covering. Over four hours, however, longs accounted for $1,193,088.56 versus $626,256.57 of shorts. The 24-hour totals were also long-led: $5,706,515.61 of long liquidations compared with $4,367,180.93 of shorts.

The largest reported liquidation levels create a practical price ladder. A $202,834.50 short liquidation was recorded at $1,352.23, while a $201,893.11 short liquidation appeared at $1,334.31. Long liquidation pockets sit at $1,330.86, $1,292.37 and $1,283.27, with reported values of $199,629.00, $193,855.50 and $192,490.50 respectively. Price is therefore surrounded by forced-flow levels on both sides rather than supported by a clean directional imbalance.

Verdict: The structure is fragile and slightly bearish below $1,352.23: OI is expanding to $2.64 billion, takers are only 39.7% long, and the daily liquidation balance favors longs being forced out. The key downside zone is $1,292.37-$1,283.27, while $1,334.31-$1,352.23 is the immediate squeeze band. This view is invalidated if ZEC reclaims $1,352.23 while OI rises above $2.64 billion, especially with taker positioning moving back above 39.7% long. Data as of 04:05 Beijing time on Oct 6, covering Binance, OKX, Bybit and other major venues.