Zcash open interest drops 28% as whale expands long position

Zcash (ZEC) futures open interest has decreased by 28.3% over the past month, falling from $3.29 billion to approximately $2.36 billion. This decline indicates that market participants are reducing leverage or closing existing positions.

Despite the broader market contraction, a major whale on the Hyperliquid decentralized exchange has significantly increased its exposure. This investor added approximately $7.2 million worth of ZEC via time-weighted average price (TWAP) orders, increasing their total long position by 57.5% to 16,779.74 ZEC. The investor's total position across ZEC, NEAR Protocol, and PUMP is valued at roughly $29.6 million, with ZEC accounting for 65.8% of the holdings.

Technical indicators suggest potential volatility. Analysts identify $1,050 and $1,000 as key support levels, noting that a breach below $1,000 could lead to a drop toward $888. Current indicators, including the MACD and RSI, show weakened short-term upward momentum, while $1,184 serves as a primary resistance level.