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.