Zcash (ZEC) surged approximately 15% in the last 24 hours, reaching $1,170, and became central to the liquidations in the cryptocurrency market. According to CoinGlass data, total crypto liquidations reached approximately $212 million in the last 24 hours. Of this, about $156 million was due to the liquidation of short positions.
ZEC was the cryptocurrency with the most liquidations during this period, with approximately $45.32 million. It was followed by Ethereum (ETH) with $35.16 million, Bitcoin (BTC) with $16.79 million, and Arbitrum (ARB) with $12.94 million. The sharp price movement in ZEC also propelled it into the top 10 cryptocurrencies by market capitalization.
On the other hand, the rise in ZEC significantly increased the losses of a large short position on Hyperliquid. Garrett Bullish, previously known as the “October 10 whale” and who had previously liquidated approximately $230 million, reportedly held a 2x leveraged short position of 32,759.57 ZEC, worth approximately $38.18 million. The average opening price of the position was around $444, and the liquidation level was $2,566, resulting in an unrealized loss of approximately $23.57 million.
It was also noted that the same whale held a long position of 1,331.88 BTC, from which it had earned approximately $3.6 million in unrealized profit.
