Garrett Jin bets $11.9mln on Zcash – Can ZEC prove him right?
Zcash stabilized above support as a whale turned bullish, though traders remained heavily short.
Garrett Jin returned to the spotlight after opening a 2x leveraged long position on 27,723 ZEC worth approximately $11.9 million.
The move followed the closure of a previous short position, signaling a notable shift in conviction toward the asset.
However, the market immediately challenged that decision.
Shortly after entering the trade, the position recorded an unrealized loss of more than $812,000 as ZEC continued struggling beneath key resistance levels.
Nevertheless, the timing of the entry attracted attention because Jin entered near a major support region rather than after a confirmed breakout.
As a result, traders closely watched whether the whale anticipated an early recovery or simply stepped into the market before bearish pressure had fully subsided.
Top Binance traders still favor shorts
While Garrett Jin positioned for upside, Binance’s top traders largely maintained a bearish outlook.
Data from the Top Trader Long/Short Ratio showed that short accounts continued to outnumber bullish positions across the exchange.
At the latest reading, only 37.39% of accounts remained long, while 62.61% held short exposure.
The ratio stood near 0.60, highlighting persistent bearish conviction despite recent recovery attempts.
Earlier sessions showed stronger bullish participation, yet sellers gradually regained control as sentiment weakened.
This divergence created an interesting market backdrop. A high-profile whale entered with a sizeable long position while experienced traders largely remained bearish.
Therefore, any strong upside move could pressure short sellers. However, continued weakness would reinforce the prevailing sentiment among Binance’s top traders.
Can ZEC reclaim lost ground?
Zcash [ZEC] showed signs of stabilization after defending the $359.60 support level following a sharp decline.
Buyers stepped in around that area and pushed the asset back above $422.50, allowing the rebound to remain intact.
Even so, the recovery faced a major obstacle at $523.63.
That level previously acted as support inside the ascending channel before the recent breakdown shifted control toward sellers.
Meanwhile, ZEC traded near $429, leaving buyers with significant work before confirming a broader recovery.
The RSI also reflected improving conditions. The indicator recovered to 42.61 after falling near oversold territory, suggesting that selling pressure eased considerably.
Even so, RSI remained below the neutral 50 level, indicating that buyers had not fully regained control. If ZEC reclaimed $523.63, a move toward $620 would become increasingly likely.
Liquidations highlight market uncertainty
Liquidation data revealed a market still searching for direction.
Recent figures showed approximately $562,960 in short liquidations compared to $472,740 in long liquidations.
Binance accounted for the largest share of activity, recording roughly $216,900 in short liquidations and $248,600 in long liquidations.
Other exchanges, including Bybit, OKX, HTX, and CoinEx, also registered notable liquidations across both sides of the market.
The relatively balanced totals suggested that traders aggressively positioned for volatility rather than committing to a clear trend.
Furthermore, the slightly higher short-liquidation figure indicated that recent rebounds caught some bearish traders off guard.
Despite neither bulls nor bears establishing decisive control, the market is vulnerable to sharp swings around key levels.
Is a bigger recovery still possible?
ZEC has stabilized above the $359.60 support zone, but buyers still need to reclaim $523.63 before a stronger recovery can emerge.
The improving RSI and recent rebound offered encouraging signs.
However, Binance traders remained heavily short, showing that skepticism still dominated sentiment.
If buyers overcame resistance, ZEC could target $620 next. Until then, the recovery would likely remain a work in progress.
Final Summary
- ZEC defended major support, but resistance continues limiting recovery attempts.
- Bearish trader positioning persists despite improving RSI and whale accumulation.
