Zcash's ZEC token rose roughly 19% over 24 hours to around $1,220, triggering about $54.3 million in liquidations of leveraged positions. Short liquidations totaled $48.91 million, or about 90% of the total, with Binance recording $20.69 million in ZEC liquidations and Hyperliquid reporting $14.09 million. ZEC's market capitalization exceeded $20 billion, placing it ninth among cryptocurrencies by market value, according to CoinGecko. An earlier September 6 liquidation wave saw ZEC rise about 15% to $1,170 and lead a market-wide $212 million total, including roughly $156 million in short liquidations. ZEC accounted for about $45.32 million of those liquidations, ahead of Ethereum, Bitcoin and Arbitrum, and entered the top 10 cryptocurrencies by market capitalization. Garrett Bullish, formerly known as the October 10 whale, reportedly held a 2x leveraged short position of 32,759.57 ZEC worth about $38.18 million. The position, opened near $444 and subject to liquidation at $2,566, showed an unrealized loss of about $23.57 million, while the same trader's long position of 1,331.88 BTC had an unrealized profit of roughly $3.6 million. Grayscale's Zcash ETF, ZCSH, began trading on NYSE Arca on Aug. 25 following the conversion of the firm's Zcash Trust, providing brokerage-account exposure to ZEC without direct custody. The fund drew at least $34.4 million in net inflows by Sept. 4 and later held more than $400 million in assets as ZEC appreciated.