ZEC Open Interest Falls 28.3% in a Month as Hyperliquid’s Largest Long Adds $7.2M

Open interest in Zcash (ZEC) futures fell 28.3% in a month, while the account holding the largest Zcash long position on Hyperliquid added 6,126.64 ZEC. Futures positions across the market declined, but one large account increased its long.

Invezz reported on the 19th that Zcash futures open interest had fallen from $3.29 billion a month earlier to $2.36 billion (about 3.1364 trillion won). The decline was $930 million, or 28.3%.

Open interest measures the value of futures contracts that have not been closed or settled. A decline in the figure alone does not establish that short positions are dominant. Dollar-denominated open interest can also fall when the underlying asset’s price drops.

The account with Hyperliquid’s largest Zcash long bought ZEC over the past three hours using time-weighted average price (TWAP) orders. BlockBeats reported that the average purchase price was $1,176 and the additional purchases totaled about $7.2 million (about 9.5688 billion won), increasing the position by 57.5%.

After the purchases, the account’s Zcash long stood at 16,779.74 ZEC, with an average entry price of $1,179.65. Its unrealized loss was about $307,900 (about 409.2 million won), and its estimated liquidation price was $838.19. The account has not reduced its Zcash position since opening it on September 6.

The account also holds long positions in about 1.12 million NEAR Protocol (NEAR) tokens and 1 billion Pump.fun (PUMP) tokens. The three positions total about $29.6 million (about 39.3384 billion won), with Zcash accounting for the largest share at 65.8%.

Zcash derivatives markets have seen substantial moves before. TokenPost previously reported that open interest reached about $2.38 billion as spot ETF trading began alongside short liquidations. The current $2.36 billion figure is down from $3.29 billion a month ago.

One account’s buying does not indicate the direction of the broader market. Although falling open interest and an individual account’s larger long position occurred at the same time, these figures alone do not show how market participants overall are positioned.

Invezz identified $1,050 and $1,000 as key support levels for Zcash. It said a break below $1,000 could leave the price open to a decline toward $888, near the August high. The moving average convergence divergence (MACD) indicator was slightly below zero, while the relative strength index (RSI) was below 50. The next major resistance on a rebound was around $1,184.

At 6:25 a.m. KST on the 20th, Zcash traded at $1,131.13 (about 1.5 million won) on TradingView, up 0.15% over 24 hours.