ZEC +0.18% on Nov 25 Amid Short-Selling Volatility and Position Adjustments

On November 25, 2025, ZEC rose 0.18% within 24 hours to $512.92, despite a 20.61% decline over the past week. Over the month, ZEC appreciated by 28.66%, and over the year, surged by an impressive 825.18%. This performance came amid high-profile on-chain developments involving major short positions.

High-Profile Short Suffering Massive Liquidations

A well-known short trader, dubbed the “Cool-headed King of Short Selling,” faced a string of margin calls as BTC surged early in the morning. Within a few hours, the trader’s BTC and SOL short positions were liquidated 31 times, incurring a total loss of $2.78 million.

Although the trader deposited an additional $440,000 in collateral into Hyperliquid, over half of their positions were wiped out. Their BTC short position size shrank from $41.72 million to $22.05 million, with an unrealized loss of $1.09 million. Similarly, the SOL short position size dropped from $30.89 million to $15.12 million, with an unrealized loss of $1.18 million. The trader, who had grown their capital from $3 million to over $30 million in two months, now holds only $1.24 million, with a weekly loss of $15.37 million.

ZEC Short Whale Adjusting MON Position

On the same day, the “Top ZEC Short on Hyperliquid” adjusted their position in MON by opening a short at an average price of $0.032 with a position size of $3.48 million. The liquidation price is set at $0.25, with a small profit of $180,000 realized. This move has positioned the trader as the largest MON short on Hyperliquid.

Conversely, the largest MON long position, held by address 0xcc, has an average entry price of $0.028 with a position size of $5.4 million. The liquidation price is set at $0.0248, indicating a more aggressive bearish stance.

Market Implications

These movements highlight the volatility in the ZEC and MON short markets. Despite ZEC’s slight 24-hour gain, the broader trend over the past week was negative, likely influenced by the liquidation pressures faced by major short players. The trader's adjustments in MON suggest a strategic shift in exposure, with ZEC remaining a focal point for short-term speculative activity.

The on-chain data underscores a dynamic and fast-moving market, where large players' actions can trigger cascading effects. As ZEC continues its year-long bullish trajectory, the behavior of institutional short positions remains a key indicator of market sentiment and potential reversals.

Conclusion

While ZEC posted a modest intraday gain, the broader narrative centers on the liquidation events involving high-profile short positions. The market is now closely watching whether the short-covering rally can sustain in the face of ongoing bearish positioning, particularly in SOL and BTC. For now, ZEC remains a barometer for short-term market confidence, with large traders recalibrating their exposure in real time.