ZEC +6.32% on 24H Rally Amid Hyperliquid’s $19.35M Long Position

On NOV 22 2025, ZEC rose by 6.32% within 24 hours to reach $538.2, despite a 9.7% drop in the preceding seven days. Over the past month, the asset has gained 36.25%, and over a year, it has surged by 879.76%. This recent upward movement comes amid a significant long position on the Hyperliquid platform, raising attention in the crypto derivatives market.

Largest ZEC Long Position on Hyperliquid

According to on-chain data tracked by HyperInsight, the largest ZEC long position on Hyperliquid is currently held with a 5x leverage. The position amounts to $19.35 million in ZEC, with an average entry price of $419.23 per coin. As of NOV 22 2025, the trade has an unrealized gain of $3.5 million. This suggests that while the position has experienced a substantial profit since entry, the gain has narrowed in recent days due to price fluctuations. The leverage used in the trade amplifies both potential gains and risks, making it a closely watched position in the market.

The unrealized gain, while significant, represents the paper profit the holder would realize upon closing the position. The narrowing of this gain indicates that the asset has experienced volatility in recent sessions. Given the leverage applied, even small movements in the price of ZEC can lead to substantial changes in the value of the trade.

On-Chain Positioning and Market Sentiment

The existence of a large long position with a clear profit margin suggests that institutional or high-net-worth traders have been aggressively bullish on ZEC in recent weeks. The entry point of $419.23 is notably lower than the current price, implying that the market has moved significantly in favor of longs since the trade was opened. This could signal confidence in the asset’s long-term trajectory, despite its recent weekly drawdown.

The fact that the position is leveraged five times highlights the risk profile associated with the trade. If ZEC’s price were to reverse in the near term, the losses could accumulate quickly. However, the current unrealized gain indicates that the position is still in a profitable zone, and the trader has not been forced to add additional margin to maintain the trade.

While the price movement of ZEC in the 24-hour period is positive, the broader weekly performance reflects a pullback. This creates a mixed picture for traders and investors. The large long position on Hyperliquid provides one data point indicating strong conviction on the upside, but it does not guarantee continued price action in that direction.

The narrowing of the unrealized gain also serves as a reminder that market conditions can shift rapidly, especially in the leveraged derivatives space. As such, traders should remain cautious and monitor developments in both macroeconomic factors and on-chain activity for further clues about ZEC’s potential direction.