TLDRBinance top traders are heavily short on ZEC, with shorts at 72.05% versus 27.95% long.Garrett Jin’s $44.9 million short position is down about $21.98 million in unrealized losses.Spot Taker CVD shows buyers still absorbing supply despite the bearish positioning.ZEC Open Interest dropped 11.49% to $2.41 billion, and derivatives volume fell 42.06%.A fair value gap near $1,023.60 could decide if ZEC starts a new upward wave.Zcash (ZEC) traders on Binance have piled into short positions even as the price holds above $1,100. Data from CoinGlass shows short accounts made up 72.05% of top trader positioning, compared to 27.95% long. That puts the Long/Short Ratio at 0.39, a clear tilt toward expecting a price drop.One trader feeling the pressure of this bet is Garrett Jin. He holds a 39.76K ZEC short worth close to $44.90 million.Jin entered his position at $576.30. With ZEC trading near $1,128.58 at the time of writing, his unrealized loss sits at about $21.98 million.His liquidation price is $2,540.50, so he isn’t in immediate danger. But a further price increase would add to his losses and could pressure other traders holding similar short bets.Zcash Price on CoinGeckoSpot Buyers Push Back Against Short BiasWhile derivatives traders lean bearish, spot market activity tells a different story. The 90-day Spot Taker CVD indicator remains buyer-dominant, meaning aggressive buyers continue to control cumulative taker activity on the spot side.This is a divergence worth noting. The heavy short positioning hasn’t been matched by equal selling pressure in the spot market.Buyers have kept absorbing available supply, even as many traders expect a deeper correction. This gap between spot demand and short positioning is part of what’s keeping Jin’s position underwater.Derivatives activity has also cooled off. ZEC Open Interest fell 11.49% over 24 hours, landing at $2.41 billion.Trading volume in derivatives dropped even more, down 42.06% to $5.99 billion in the same period. Both numbers point to traders reducing exposure rather than opening new leveraged bets.This matters because a genuine wave of fresh short selling would usually come with rising Open Interest, not falling. Instead, the current short-heavy ratio looks more like a pullback in overall trading activity following ZEC’s earlier price run.Technical Structure Still Points to a Possible Wave FiveOn the daily chart, ZEC is in a pullback after failing to clear resistance at $1,256.68. Analysts using Elliott Wave theory are treating this dip as a potential Wave (4) correction.A fair value gap sits below the current price, stretching down toward the $1,023.60 support zone. This area is being watched as a line in the sand for the bullish structure to hold.The MACD indicator remains above its signal line, at 138.95 versus 112.00, with a positive histogram reading of 26.94. That keeps the broader momentum picture constructive despite the recent pullback.If buyers continue to defend the fair value gap, the setup could open the door to a Wave (5) move higher. That kind of move would increase pressure on the crowded short positions still open on Binance.As it stands, ZEC was trading near $1,128.58, holding above the $1,100 mark despite the heavy short bias among top traders.The post Zcash (ZEC) Price: Shorts Hit 72% as Traders Bet Against a Rally appeared first on Blockonomi.