According to data from Coinglass, the Zcash (ZEC) derivatives market experienced a massive liquidation event on June 5, with 24-hour total liquidations reaching $108 million. Long positions bore the brunt of the damage.
Breaking down the figures, long liquidations hit $76.96 million, while shorts stood at $30.85 million. The single largest liquidation order amounted to $4.658 million. The liquidations were heavily concentrated on three exchanges: Binance accounted for 38.75%, Hyperliquid for 36.95%, and Bybit for 8.26%, together covering more than 83% of the entire forced closures. This concentration underscores that these platforms are the primary arenas for ZEC leveraged trading, and large-position movements there can amplify market swings.
Longs made up over 71% of all liquidations, indicating that the downward price move triggered a cascade of forced exits among bullish positions. On a relatively illiquid asset like ZEC, high leverage can easily spark a domino effect, exacerbating volatility. Traders should manage leverage ratios and risk exposure carefully in such contract markets.