Paradigm’s investment disclosure sent Zcash sharply higher, with co-founder Matt Huang describing Zcash as a “private complement to Bitcoin.” That framing quickly hit the market: ZEC surged nearly 23% in 24 hours and traded close to $1,400 at the highs.
As traders moved in, the focus turned from institutional signaling to the mechanics of the rally itself, including leveraged positioning, accelerating liquidations, and deeply negative funding.
Zcash’s price action escalates across the chart window, 48 one-hour candles take ZEC from around $1,122 to nearly $1,500, up 33% overall. Out of 48 candles, 30 close higher.
That aggressive climb isn’t just a hype surge. Open interest grew above $3 billion, funding rates remained deeply negative, and liquidations hit short sellers hardest. That points to more than a simple sentiment pop from Paradigm’s disclosure.
With price rising while open interest stayed elevated and funding stayed negative, this looked at least partly like an active squeeze, not just a one-off burst.