According to data from Coinglass, privacy-focused cryptocurrency Zcash (ZEC) experienced intense volatility over the past 24 hours, resulting in total liquidations across the network surpassing $100 million, reaching $108 million. Long positions bore the brunt, with $76.96 million liquidated, representing 71.3% of the total. Short liquidations amounted to $30.85 million, and the single largest liquidation involved a $4.658 million order. Breaking down the exchange distribution, Binance accounted for 38.75% of all liquidations, followed closely by Hyperliquid at 36.95%, with Bybit in third place at 8.26%. This concentration indicates that these platforms host a significant share of active leveraged traders in ZEC contracts.
The scale of these liquidations highlights the fierce tug-of-war between longs and shorts in the ZEC derivatives market, as well as the risks associated with high leverage. Zcash, as a major privacy coin, has seen a notable increase in leveraged trading activity recently, and this event underscores its inherently high volatility. Coinglass, a globally recognized crypto derivatives data platform, provides widely used metrics for assessing market risk exposure and long/short sentiment. Privacy coins generally have limited market depth, making them susceptible to cascading liquidations during rapid price movements—such events are not uncommon in the crypto landscape. This data serves as a stark reminder that leveraged trading in lower-liquidity assets like privacy coins carries outsized risks, urging investors to pay close attention to position management and overall market risk.