Zcash Slides 11% in 24 Hours as $17.9M in Longs Get Liquidated

The scale of long liquidations relative to Hyperliquid's share suggests the unwind was broad-based rather than concentrated on a single venue, which matters for how orderly the deleveraging has been. Zcash's standing as a privacy-coin proxy means its leveraged flush can colour sentiment across that niche, not just its own holders. The open question is whether the rally's underlying bid survives once excess leverage clears, given how far the asset still sits above its March low.