ZEC Down 14.49% in 1 Month Amid Hyperliquid Short Position Developments

On DEC 5, 2025, ZEC is trading at $372.44, down 0.43% in the last 24 hours, 14.49% in the past 7 days, and 14.49% over the past 30 days. Despite the recent dip, ZEC is up 550.31% in the past year. The asset has drawn heightened attention on the derivatives platform Hyperliquid, where large short positions are being actively monitored.

Large ZEC Short on Hyperliquid Approaches Break-Even

Hyperliquid hosts one of the largest ZEC short positions on the market, currently valued at $14.1 million. Over the past hour, this position has increased by $1.72 million, bringing the unrealized profit down to just $300,000 from a high of $3.3 million in recent days. The average entry price of the short is near $412, significantly above the current price level.

This short position was initially established on October 10 when ZEC was trading near $184. It was subsequently added to in order to raise the average entry price, which now stands at $419. The position previously experienced a peak floating loss of $21 million on October 17, signaling a high-risk trade that has since stabilized.

Short Position Strategy and Portfolio Diversification

The account holding this ZEC short position is also active in shorting other major crypto assets, including ETH, MON, and HYPE. Among these, the ETH short is the largest contributor to unrealized gains. The ETH position, valued at $48.05 million, has an unrealized profit of $6.22 million, or 194%, based on an average entry price of $4,014.

Additionally, the account has opened a 3x leveraged short in MON with a position size of $5.72 million, generating $2.26 million in unrealized profit, or 118%. This is currently the largest MON short on Hyperliquid, highlighting a diversified and aggressive bearish strategy across multiple assets.

"Calm King of Opening Shorts" Adjusts ZEC Short

Another notable short position holder, known as the “Calm King of Opening Shorts,” has also been adjusting its ZEC exposure. The account increased its ZEC short position over the past 7 hours, raising the average entry price from $344 to $360. The position is now valued at $2.51 million, with an unrealized gain of $20,000, or 20%, based on the current price.

This account, which has previously demonstrated high profitability through a 15-win trading streak, has recently faced volatility, with BTC and SOL shorts contributing to a small overall loss. However, the ZEC short has held up relatively well compared to other positions.

Market Implications and Position Monitoring

The growing interest in ZEC shorting on Hyperliquid indicates a bearish sentiment among large traders, despite the asset’s strong one-year performance. The narrowing unrealized gains and near-average price entries suggest traders are carefully managing their exposure as the price fluctuates.

Analysts project that continued monitoring of these large positions will be crucial in assessing potential directional moves in ZEC, particularly as shorts approach break-even or face liquidation risks. The overall strategy appears to be one of patience and position averaging, aiming to capitalize on further downside potential in a volatile market.