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Privacy token Zcash (ZEC) led losses among majors as investors weighed macro concerns amid a busy week of economic data. At the time of writing, Zcash was down 5.98% in the last 24 hours to $1,190, the biggest drop among the top 10 cryptocurrencies by market cap.
Zcash Futures OI (Open Interest) fell 3.35% in the last 24 hours to $2.44 billion. Its CVD (Cumulative Volume Delta) is the most negative among the major coins, meaning market-order selling outweighed buying. Funding is positive, implying longs are paying shorts. Attracting further attention is its futures flow within the last 24 hours, which fell by 859.86%, with futures outflows surpassing inflows.
According to CoinGlass data, futures outflows recorded in this period came in at $1.96 billion, while inflows arrived at $1.87 billion.
The drop in the futures flow indicates a change in the positioning of traders, as market participants are reassessing their exposure to ZEC amid significant liquidations of leveraged long positions.
According to CoinGlass data, Zcash's total liquidations in the last 24 hours came in at $15.76 million, with longs accounting for the majority at $12.96 million while short liquidations came in at $2.81 million.
In separate news, major crypto exchange Binance has commenced withdrawals for crypto networks days after it suffered a hack that impacted nearly $6.3 billion in client assets. In line with this, withdrawals have now been re-enabled for Zcash and the ZEC network.
Countdown begins to NU7 upgrade
NU7 brings blocks every 25 seconds instead of every 75, a Network Sustainability Mechanism that recycles part of every transaction fee into future block rewards, and new shielded limits that protect wallets from spam. It activates on Mainnet at height 3,543,405, planned for around November 5 as per the NU7 timeline.
NU7 adds per-block limits on Orchard, Ironwood and Sapling activity, and no new Sprout JoinSplits. As specified in ZIP 218, these limits more than double Orchard throughput (2.9 to 6.6 transactions per second) while cutting the worst-case sync bandwidth a spammer can push onto light wallets by about 37%.