Zcash Whales Hit the Eject Button 🐳: $17M in Longs Wiped Out in 3 Days

A prominent Zcash [ZEC] whale closed his long position for a $417,000 profit as the privacy coin's recent rebound attempt faltered, according to on-chain tracker Lookonchain. The trader, identified as Garret Jin, exited his ZEC long after the token's price slid to a low of $440 from a failed bounce at $543 four days ago. As of this writing, Zcash traded at $447, down 2.43% on the daily charts. Just one week earlier, Jin had reportedly booked $11.4 million in profit from a short position during the prior market decline.

The broader market has seen heavy forced selling, with over $17 million in ZEC long positions liquidated over the past three days, including more than $6.5 million in the last 24 hours as price fell below $450. Sentiment has shifted decisively bearish, with Coinalyze data showing ZEC's Long/Short Ratio at 0.86, shorts accounting for 53.6% of positions versus 46% longs.

Technical indicators reflect the downside pressure. The Relative Strength Index (RSI) printed a bearish crossover, falling to 45, while the Aroon indicator showed Aroon Down climbing to 71 as Aroon Up dropped to 0. Market participants are watching whether ZEC holds the $400 level, though the rising concentration of short positions has raised the possibility of a short squeeze if buyers step back in.