Bearish zcash bets hit record high as privacy token's price crashes

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bearish zcash bets hit record high as privacy token s price crashes Liquidations were small relative to the size of the decline, pointing to spot selling rather than a leverage cascade, while open interest in ZEC futures climbed to a record high in token terms as traders crowded into the slide from the short side. By Shaurya Malwa | Edited by Sheldon Reback Updated Jun 5, 2026, 2:19 p.m. Published Jun 5, 2026, 12:54 p.m. 2 min read Make preferred on (Pexels/Pixabay) What to know : Zcash plunged after a newly disclosed vulnerability in the privacy token s Orchard pool raised doubts about the integrity of the token supply. Despite a drop that neared 50% over 24 hours, futures liquidations were relatively limited and open interest hit a record high, indicating the selloff was led by spot selling while traders piled into new bearish bets. With ZEC up roughly 490% over the past year and heavily shorted, a stabilization in price could trigger a short squeeze, even as uncertainty lingers over whether the bug was ever exploited. Bearish bets on privacy-focused zcash (ZEC) climbed to a record as the token slumped as much as 50% in 24 hours after a now-plugged vulnerability in its Orchard pool was disclosed.