ZEC +55.85% in 1 Month Amid Whale Shorting Activity and Institutional Buy

On November 19, 2025, ZEC traded at $621.6, reflecting a 0.85% increase in the last 24 hours, a 3.61% gain over seven days, and a remarkable 55.85% rise over the past month. The one-year price surge is even more pronounced, with ZEC up by 1020.67%. This price momentum coincides with significant on-chain activity involving major ZEC shorting and long-term accumulation by institutional players.

Whale Shorting Activity on ZEC

On-chain analytics reveal a notable shorting position on ZEC held by a prominent whale address (0x7b7). Previously liquidated for $97 million in a BTC short trade, this address re-entered the ZEC market by opening a short position on November 18. The position remains open with an unrealized profit of approximately $2.4 million (134%), and the current exposure is valued at around $19 million.

The whale’s average entry price is between $661 and $666, while the liquidation price is estimated near $683. With the ZEC price currently at $655, the position appears profitable but remains sensitive to price swings. The address is linked to high-profile gaming platforms like Roobet and Stake.com and has shown a pattern of aggressive risk-taking, including a $7 million transfer to Hyperliquid earlier in November.

Multiple Whales Face Liquidation Risks

Monitoring data indicates that three other large ZEC positions, each valued at approximately $20 million, were opened on Hyperliquid in the previous session. These positions are concentrated at average entry prices ranging from $621 to $661 and face liquidation triggers between $653 and $655. The presence of multiple large short positions highlights ongoing bearish sentiment, despite the recent price appreciation in ZEC.

Separately, the largest ZEC short position on Hyperliquid, held by address 0xd47, continues to close out parts of its exposure using stop-loss orders. This short position, initiated on October 10 at an entry price of $184, has been expanded and is now valued at $35.34 million, down from $43.2 million. The unrealized loss on this position stands at $14.61 million (206%), with $536,000 in losses already incurred through funding fees alone.

Institutional Accumulation by Cypherpunk Technologies

Amid the bearish whale activity, institutional buying has added a bullish counterbalance. Cypherpunk Technologies Inc. (Nasdaq: CYPH) announced on November 18 the purchase of an additional 29,869.29 ZEC at an average price of $602.63 per coin, totaling $18 million. This acquisition follows prior purchases worth $50 million, bringing the company’s total ZEC holdings to 233,644.56 ZEC, or 1.43% of the network’s supply.

Cypherpunk, a company focused on digital privacy and self-sovereignty, views Zcash as a critical component of its asset strategy. The company’s long-term goal is to hold at least 5% of ZEC’s total supply. The recent addition brings its average cost basis to $291.04 per ZEC, well below the current market price. Cypherpunk has also added experienced investors to its board, including Will McEvoy from Winklevoss Capital, to guide its treasury strategy.

Price Momentum and Strategic Positioning

The combination of whale-driven shorting activity and institutional accumulation by Cypherpunk underscores a dynamic market environment for ZEC. While short sellers remain active and face potential liquidation risks, institutional buyers are reinforcing ZEC’s market fundamentals with long-term holding intentions.

As ZEC continues to trend upwards on a month and year basis, market participants are closely monitoring whale movements and institutional strategy for further directional signals.