Zcash Price Reaches $1,023 Following Significant Short Liquidations

The price of Zcash rose to $1,023 on September 4, marking its highest level in nearly ten years. The asset opened the day at $828, resulting in a gain of nearly $200 within a single session. This movement was accompanied by $1.2 billion in trading volume and a market capitalization of approximately $17 billion.

The rally was intensified by the liquidation of short positions, which totaled $34.5 million out of $36.6 million in closed leveraged positions over a 24-hour period. One individual, Garrett Jin, reportedly incurred a loss exceeding $18.5 million on a short position of 32,760 ZEC. Futures open interest in the token reached approximately 2.3 million ZEC, with a valuation of nearly $2.3 billion.

Market activity follows the August 25 launch of the Grayscale Zcash Trust ETF on NYSE Arca. The ETF has increased by approximately 25% since its inception, with prices frequently reaching between $77 and $80. ZEC has seen a 94% to 96% increase over the last 30 days and a 2,300% rise over the past year.

On-chain data indicates that the shielded supply of ZEC, which consists of tokens held in privacy-preserving addresses, has reached approximately 4.86 million ZEC. This figure accounts for about 29% of the total supply.