ZEC Surges Above $1,000 as Short Sellers Face Liquidations

ZEC rose to about $1,011.9 on September 4, gaining roughly 21.7% over the past 24 hours and reaching an intraday high of $1,031.1. According to BlockBeats On-chain Detection, once the $1,000 level was broken, the first wave of short sellers who had placed liquidation lines near the round number were forced to close their positions. Between 16:53 and 16:54, three addresses, 0xec0, 0x9663, and 0x7b12, were liquidated on a combined 3,213.05 ZEC short position, with a total notional value of about $3.27 million and confirmed losses of about $204,700. The 1,563.99 ZEC short position held by 0xec0 was liquidated first in two batches at an average price of about $1,015.72, triggering a buyback worth about $1.589 million. The positions held by 0x9663 and 0x7b12 were then liquidated for about $944,500 and $736,800, respectively. Two larger whales are still under pressure. Wallets 0x9311 and 0xf206 together still hold about $6.77 million in ZEC short positions, with unrealized losses of about $808,000. Their estimated liquidation prices are $1,041.32 and $1,043.99, respectively. Based on the earlier high of $1,031.1, the price was once only about $10 to $13 away from both liquidation levels, or less than 1.3%. 0x9311 did not reduce its position during the rally and instead added another 773.04 ZEC at $969.36, increasing its total short position to 3,773.08 ZEC, worth about $3.818 million. Its liquidation price also fell from about $1,071.8 to $1,041.32. Wallet 0xf206 still holds 2,916.22 ZEC in short positions, worth about $2.951 million, with a liquidation price of about $1,043.99.