Hyperliquid News Today: ZEC Whales Clash: $2M Gains vs. $6.75M Losses Ahead of Halving

Zcash (ZEC) has surged over 1,000% in two months, trading at $383 and surpassing Monero and Shiba Inu in market capitalization, according to CoinMarketCap data. The privacy-focused cryptocurrency now commands a $6.24 billion market cap—an all-time high—despite its unit price being lower than its 2018 peak, per CoinMarketCap data. This rally has drawn both bullish and bearish institutional bets, with the top ten ZEC futures positions on Hyperliquid revealing a stark divide. While some traders capitalize on the momentum, others face significant losses amid the volatility.

A prominent whale on Hyperliquid holds a 5x leveraged long position of 21,978.9 ZEC, purchased at an average price of $327.47. This position has generated an unrealized gain of $2.03 million, reflecting a 110.59% return on investment, according to LookonChain. Conversely, another whale with a 5x short position of 44,386.21 ZEC is facing a $6.75 million loss, with liquidation looming if ZEC's price exceeds $812.3, according to another LookonChain post. These contrasting positions highlight the high-stakes speculation surrounding ZEC, particularly as its price continues to climb amid growing institutional interest and social media hype, according to CryptoTimes.

The long/short ratio for ZEC stands at 1/1.92, with 65.72% of traders holding short positions, according to CryptoTimes. This bearish sentiment contrasts with ZEC's recent performance, which has seen a 200% surge in the last 30 days, fueled by anticipation of its November 2025 halving event. The halving, which reduces mining rewards by half, historically drives scarcity-based price increases. Meanwhile, Zcash's shielded transaction adoption has grown, with 4.9 million ZEC—30% of the total supply—now locked in private addresses, CryptoTimes reported.

On-chain activity further underscores the market's volatility. A whale identified as 0xC385 deposited $3 million in USDC into Hyperliquid and initiated a 2x short on 3,230 ZEC, betting the price will drop below $581.43 to avoid liquidation, according to Coinfomania. This move aligns with broader macro uncertainty, though ZEC's recent 22% 24-hour gain to $470, as reported by oDaily, suggests short sellers face mounting risks.

The ZEC frenzy has also drawn high-profile endorsements. Influencers like Arthur Hayes of BitMEX fame have touted ZEC's potential, even predicting a $10,000 price target, CryptoTimes reported. Meanwhile, institutional demand is rising, with Grayscale's ZEC Trust holding $137 million in assets, according to CryptoTimes. These factors, combined with ZEC's interoperability upgrades—such as Unichain's recent support for ZEC bridging, reported by TradingView—position it as a key player in the privacy coin space.

As ZEC approaches its halving, the balance between bullish optimism and bearish hedging will likely dictate its next move. For now, the market remains a battleground for whales and retail traders alike, with Hyperliquid's leaderboard reflecting both record gains and catastrophic losses.