Bearish zcash bets surge as token price crashes

Bearish sentiment towards Zcash has reached record highs as the privacy token experienced a significant price crash, losing up to 50% in 24 hours. The selloff was primarily driven by spot selling rather than a futures-driven leverage cascade, indicated by relatively limited liquidations. Open interest in ZEC futures has climbed to a record high, with traders heavily favoring short positions. This surge in bearish bets reflects concerns over a newly disclosed vulnerability in the network's Orchard pool, which could have allowed for the creation of counterfeit tokens, undermining supply integrity.