ZEC on Hyperliquid: Spectacular battle between the biggest whale and the bear - profits and losses are counted in millions

Currently, Hyperliquid is witnessing an intense battle over the price direction of ZCash (ZEC). While ZEC has increased by approximately 22% since December 27, and the current price is $406.12, the largest whale has already posted an impressive profit on their 3x leveraged long position. This address (0x6b2) significantly expanded its position yesterday, now holding $32.2 million in long contracts with an average price of $431 — resulting in an unrealized profit of about $6.53 million (60% return).

On the other side of the battlefield is the “biggest ZEC bear” on-chain, whose short position is gaining strength. This address has consistently increased its shorts over the past few days, bringing the total value of closed positions to $163 million — becoming the largest short on the platform for ZEC, ETH, and MON simultaneously. Its current short position on ZEC is $19.84 million with an average price of $417, representing an unrealized loss of about $4.51 million (-113% return).

The history of this bear is instructive. Since October, it has actively opened short positions on ZEC, but recent price movements have changed the game. On December 17, it attempted to reduce exposure, decreasing shorts from $16.5 million to $9.1 million, but when the price started rising, instead of retreating, it decided to double down and rebuild its position.

Open contracts (OI) on ZEC on Hyperliquid have increased significantly as both whales on the long side and major players on the short side simultaneously raised their stakes. Such a constellation suggests that players with substantial capital are emotionally attached to this move — regardless of the direction they expect.