Kairos Research found that traders exiting bullish positions drove the initial selloff, with fresh token deposits raising the risk of further losses.

Zcash fell below $1,000 as leveraged traders abandoned bullish positions and selling pressure intensified.

Data from CoinMarketCap showed ZEC at approximately $965 on Nov. 12, after a 24-hour low near $953.

The decline has exposed vulnerabilities in ZEC's market structure, with research showing heavy selling across derivatives exchanges and fresh deposits from previously inactive wallets.

A market investigation by Kairos Research identified the rapid closure of a 12,500 ZEC long position on Hyperliquid as a pivotal moment in the selloff.

The position, accumulated in the hour following the release of US inflation data, was closed through market orders within two seconds at 15:29:58 UTC on Nov. 10, just as Bitcoin began retreating.

ZEC subsequently fell from $1,193 to $1,001 as traders sold a net 160,000 ZEC across four perpetual futures exchanges over the following 90 minutes.

Binance spot hourly-closing price represented in the Kairos Research graphic. All readings are approximate, digitized from the line and rounded to the nearest $10; the underlying price observations were not available. The sharp decline occurred Nov. 10, 15:00-17:00 UTC. Price is separate because the import format has no dual axis.

Source: Kairos Research, ZEC market structure and exchange deposits (Nov. 11, 2026) · Kairos Research post, accessible mirror

Binance accounted for 74,000 ZEC, followed by OKX with 42,000, Hyperliquid with 31,000, and Bybit with 13,000. Spot markets recorded approximately 27,000 ZEC in net taker selling.

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