Zcash Falls as Futures Open Interest Contracts

Zcash fell 3.78% to about $1,225 on October 23 as futures open interest declined 12.45% to $2.37 billion, reversing part of a sharp rebound earlier in the week. The market figures, reported for that day, show lower outstanding derivatives exposure but do not establish whether traders were forced to close positions or chose to reduce them. ZEC had risen 13.2% over the 24 hours to October 21, reaching about $1,301 in one market snapshot. Another snapshot that day recorded a 5.92% gain over four hours on Binance, to $1,212. Those figures cover different observation times and intervals. On October 23, ZEC traded between a reported 24-hour low of $1,187.54 and high of $1,281.24. CoinGlass data cited in the October 23 report put futures trading volume down 10.28% to $7.23 billion over the stated period. The simultaneous fall in price and open interest is consistent with a contraction in derivatives positions, but the figures alone do not identify the direction or mechanism of closures. The report said additional liquidation records, funding rates and directional-position data for the same period would be needed to establish how much of the decline reflected forced liquidations. A...