Two Wallets Open $37.57 Million in 10x Zcash Long Positions

Two large wallets opened 10x leveraged long positions totaling 29,798 Zcash (ZEC), creating about $37.57 million in combined exposure to a rise in the token’s price.

The positions were opened over a 15-hour period before 1:25 a.m. ET (05:25 UTC) Wednesday, Oct. 21. Both wallets took the same side of the trade: a long position gains value if ZEC rises and loses value if it falls.

At 10x leverage, the market exposure is about 10 times the capital backing a position. That magnifies the effect of a price change on the traders’ capital. The $37.57 million figure describes the combined value of the positions; it does not mean the wallets spent that amount to buy ZEC outright.

The trades show concentrated bullish positioning by two wallets during that 15-hour window. A decline in ZEC would work against both positions, with leverage increasing the effect of that move on the capital behind them.