ZEC Falls 5.5% Below $380 as Hyperliquid's Largest Short Position Turns Profitable

ZEC briefly fell 5.5% below $380 on Dec. 16, pushing Hyperliquid's largest ZEC short position into profit with roughly $16.5M in exposure at a $389 average entry and $250,000 (8%) in unrealized gains, HyperInsight data show. On-chain data show three whale addresses with liquidation prices near $350 responded differently: address 0x58e fully closed its position, address 0x96e exited with about $1M in realized losses, while address 0x535 remains unchanged and faces liquidation near $348. The same whale holding the platform's largest ZEC short added to ETH and MON short positions and now holds the largest short exposure in all three assets, with its ETH short alone sized at roughly $92.45M at a $3,377 entry and showing $14.33M (232%) in unrealized profit, bringing total short exposure to about $118M. The address first opened its ZEC short on Oct. 10 at roughly $184 and averaged up over time, with unrealized losses reaching $21M on Oct. 17.