ZEC Surges 10% as Bitcoin Whale Selling Cools, Markets Eye $60K Support
Bitcoin whale selling pressure cools as $60K support becomes critical, while ZEC leads a rare altcoin gainer amid broad market weakness.
Share on XMarket Overview: Whale Selling Cools as Focus Shifts to $60K Support
Market sentiment remains cautious but finds a potential foothold as Bitcoin whale selling pressure shows signs of easing. The dominant narrative has shifted to watching the $60,000 level as critical support, with traders navigating a landscape marked by geopolitical risks, regulatory concerns, and persistent macroeconomic pressures. Total open interest across Hyperliquid stands at $43.56B against $4.74B in 24-hour volume, indicating substantial leveraged positioning remains in play.
Bitcoin & Major Tokens: Bid-Ask Imbalance Hints at Relief Rally
BTC (-1.78% to $66,658) is consolidating near the $66,000 level. On-chain data suggests a notable bid-ask imbalance exists here, potentially raising the odds of a short-term relief rally toward $71,000. However, downside risk persists; a monthly close below $67,300 would confirm a record-tying six-month losing streak. The critical support trendline to watch remains near $59,000.
A significant bearish signal emerged from Hyperliquid itself: a single whale opened a $53 million Bitcoin short, highlighting the deep-seated caution among large traders. Conversely, accumulation addresses have absorbed over 67,000 BTC recently, while miner-led selling has fallen to multi-year lows, providing a counterbalancing bullish on-chain argument.
Ethereum (-1.19% to $2,048.6) underperforms slightly, with its long-term position as the #2 crypto asset being challenged in prediction markets. The odds of ETH losing its rank by 2026 have surged, partly due to the explosive growth of stablecoins. Solana (-4.36% to $80.78) and Hyperliquid's native HYPE token (-5.82% to $36.00) led the downside among majors, reflecting a broader risk-off move in altcoins.
Altcoin Spotlight: ZEC Defies Trend with Double-Digit Rally
In a sea of red, Zcash (ZEC) surged +10.07% to $250.09, making it the clear top gainer. The move comes against a backdrop of heightened discussions around digital privacy and regulatory scrutiny, which may be driving interest in privacy-focused protocols. Its positive funding rate of 0.0013% suggests longs are paying shorts, indicating bullish perpetual futures positioning is supporting the spot move.
Other notable movers include 2Z (+7.37%) and VINE (+6.98%), showing isolated pockets of strength. On the losing side, LayerZero's ZRO (-9.46%) and USUAL (-9.60%) were hit hardest, indicating particular weakness in the recent launch and social token segments.
Derivatives & Positioning: Notable Funding Rate Divergences
Funding rates across most major tokens are near-neutral, but several smaller-cap tokens show extreme skews. REZ, STABLE, and BANANA all exhibit significantly negative funding rates (shorts paying longs), suggesting perpetual futures traders are aggressively bearish on these specific assets. This can often precede a violent short squeeze if spot buying pressure emerges.
Cardano (ADA) shows a notably negative funding rate of -0.0020%, aligning with its -4.06% price drop, indicating futures traders are positioned for further downside. Conversely, the massive open interest in tokens like PUMP ($16.89B OI) and kPEPE ($4.92B OI) underscores the outsized role memecoins continue to play in derivatives markets.
Macro & Regulatory Crosscurrents
External pressures continue to weigh on sentiment. Historical correlations suggest rising oil prices—now above $105—have preceded deeper Bitcoin bear markets. Meanwhile, regulatory scrutiny is intensifying, particularly around prediction markets, with potential political shifts in 2027 posing a longer-term risk to that sector.
A stark warning emerged regarding quantum computing risks, with a detailed analysis suggesting future quantum attacks could threaten over $100 billion in Ethereum value across wallets, smart contracts, and layer-2 networks. This resurfacing of a long-term technological threat adds another layer of uncertainty.
Outlook: Support Test Incoming
The market is at an inflection point. The cooling of whale selling and strong accumulation near $60K provide a foundation, but the massive Bitcoin short on Hyperliquid and looming monthly close paint a tense picture. Traders should watch for a decisive break of the $67,300 level or a bounce from the $59K-$60K support zone. Altcoin action remains highly selective, with privacy tokens like ZEC showing unexpected strength amid broader weakness. Expect volatility to remain elevated as these key technical and macroeconomic levels are tested.