Zcash (ZEC) fell 3% to $1,227.10 at 2:45 a.m. ET (06:45 UTC) Friday, while $2.37 billion in futures open interest showed the scale of outstanding exposure without revealing its direction.
Open interest tracks futures contracts that have not been closed. Its dollar value does not show whether traders as a group are positioned for higher or lower prices.
During the 24 hours ending with a 2:35 a.m. ET (06:35 UTC) snapshot, futures volume reached $7.21 billion and spot volume totaled $515.12 million. Futures liquidations came to $9.82 million over the same period; those figures do not establish what drove the decline.
Zcash’s planned NU7 upgrade is targeted for around Nov. 5. It would shorten the target interval between blocks from 75 seconds to 25 seconds while leaving daily ZEC issuance unchanged. The activation block height has not been set, and no figure in the snapshot connects NU7 to the price drop.
An earlier EconoTimes report on ZEC’s nearly 3% gain put open interest at about $2.3 billion, following a reading of $3.29 billion a month earlier.
