ZEC Up 11.19% in 24 Hours as Short Position Averages Rise

On December 5, 2025, Zcash (ZEC) surged by 11.19% in a 24-hour period, reaching $395.27. However, it has declined by 4.99% over the past week and month, while still posting a strong 622.53% increase year-to-date. Amid this mixed performance, key trading data from short positions suggests shifting sentiment among major market participants.

Short Position Activity Reflects Market Volatility

Monitoring of a prominent trader nicknamed “Calm Long King” shows increased short exposure across multiple assets, including ZEC. Over the past 7 hours, the address added to its short positions in BTC, SOL, and ZEC. The ZEC short position, specifically, has seen its average entry price rise from $344 to $360, with a total notional value of $17.29 million. This move suggests a strategic readjustment in the face of recent upward momentum.

Despite ZEC’s 24-hour gain, the account transitioned from a temporary profit to a marginal loss due to price fluctuations. The ZEC short now accounts for an unrealized gain of $20,000 (20%) within a $2.51 million position. In contrast, the BTC and SOL shorts are underperforming, contributing to the overall unrealized loss of approximately $160,000 for the account.

Position Summary and Historical Performance

As of December 5, the key short positions held by the account include:

• BTC Short (40x leverage): $12.25M position size | Unrealized loss: $40k (-13%) | Avg. price: $92,000
• SOL Short (20x leverage): $2.24M position size | Unrealized loss: $150k (-61%) | Avg. price: $140
• ZEC Short (10x leverage): $2.51M position size | Unrealized gain: $20k (20%) | Avg. price: $360

This trader has been active on Hyperliquid since November 27, with a recent 15-trade winning streak. The account previously demonstrated significant returns in September 2025—posting over $30 million in turnover with a $3 million capital base—though November brought several setbacks that nearly erased prior gains.

The increased average short price for ZEC suggests a belief among the trader that the upward trend may not continue indefinitely. The position remains profitable in the short term, but the broader 7-day and 1-month declines indicate caution among some market participants. The trader’s decision to adjust exposure in ZEC amid a recent uptick could signal a potential shift in market expectations.

While the 24-hour gain is notable, the short-term downward trends suggest that traders are bracing for volatility. ZEC’s performance is closely watched in the broader context of altcoin movements, particularly as privacy coins like ZEC and DASH have entered a correction phase after a months-long rally.

In conclusion, ZEC’s 11.19% 24-hour gain has drawn attention to both long and short positions, with active traders adjusting their exposure in line with evolving price dynamics. The market remains cautiously optimistic but prepared for potential short-term reversals.