Durian

While zcash:native has become one of the most popular assets of the cycle, there has been very little coverage of its actual market structure or onchain flows. We’d like to fix that by providing more ZEC coverage going forward. We’ll start with a breakdown of the selloff over the last 48 hours or so. ZEC fell 16% in two hours on 11/10/2026, from $1,193 to $1,001. In the hour before the break, the only steady seller was on Coinbase’s spot book, where takers sold a net 3.0K ZEC from 14:30 UTC while perp traders on Binance, OKX, and Hyperliquid were still net buyers. The break itself began at 15:29:58 UTC, when a single Hyperliquid account that had built a 12.5K ZEC long in the hour after CPI closed the entire position at market in two seconds, just as BTC was rolling over. Over the next ninety minutes perps did most of the damage, with net taker selling of 74K ZEC on Binance, 42K on OKX, 31K on Hyperliquid, and 13K on Bybit, against roughly 27K across all spot venues, about half of it on Coinbase. Hyperliquid’s trade-level data also shows what kind of selling it was. Between 14:30 and 17:00 UTC, takers closing longs (109K ZEC) outweighed takers opening shorts (50K) by more than two to one, and forced liquidations came to only 6.9K ZEC, so this was longs heading for the exit rather than a liquidation cascade or a wave of new shorts. To see where that supply came from, we traced every large deposit into Coinbase and Coinbase Prime back to the origin of the coins. Only about 12K ZEC arrived across 11/09 and 11/10, which is less than what was sold on Coinbase during the drop, so most of the selling came from inventory that was already sitting on the venue. Of what arrived the day before, the largest piece was a single 3,058 zcash:native deposit routed through a multisig created two hours earlier, 1.3K had just been withdrawn from Hyperliquid, 0.8K came over from other exchanges, and 2.4K was earlier Coinbase withdrawals coming straight back. Almost none of it was unshielded, none of it was miner supply, and none of it was old coins. Despite the front page ad of the WSJ, the Grayscale ETF holders were not net sellers either. ZCSH traded 2.46M shares on the day and closed at a small premium, it recorded zero creations or redemptions, and the 1,861 ZEC that settled into Coinbase Prime that morning was delivery on Monday’s redemption. The larger onchain move came after the drop. By 18:00 UTC on 11/11, another 16.3K ZEC had been deposited to Coinbase, and 9.8K of it came from three wallets that withdrew from Coinbase Prime in November and December 2025 and had not moved since. Those wallets still hold roughly 19K ZEC, and Binance took in a further 8.6K of large deposits over the same hours, so the supply reaching exchanges has grown since the selloff rather than faded