Zcash (ZEC) experienced a significant price drop after a two-month rally. On September 28, ZEC fell by approximately 8.5%, settling at around $1,464. This decline followed a previous increase of about 75% over 30 days: the 30-day gain was estimated at 74.5%, while the 60-day gain was around 210%.
On the OKX platform, the open interest in ZEC in dollar terms decreased from $190.69 million to $164.95 million over 24 hours, a drop of 13.5%. Separately, over a longer period, the OKX series decreased from $236.84 million on September 18 to $165.0 million on September 28, a decline of approximately 30.4%. This represents a longer-term repositioning than what is conveyed by the one-day price chart.
According to the network snapshot from September 28, there were about 4.9 million ZEC in secured pools, accounting for approximately 28.9% of the total supply. The maximum price of ZEC during the day was $1,601.85, while the minimum was $1,449.25, a difference of about $152.60. The 13.5% drop in open interest does not necessarily mean that this many traders were liquidated: the reduction in open interest can occur due to both position closures and changes in the asset's price. Therefore, part of the decline in open interest may reflect changes in contract valuations rather than just position closures.
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