26-Win Trader Sees Zcash Short Bleed Heavily Amid $2.4B Open Interest

A trader on Hyperliquid has made headlines for winning 26 bets in a row, but their latest short position on Zcash (ZEC) is bleeding heavily.

The account's equity stands at $3.75 million, but the unrealized loss from the ZEC short alone is over $5.2 million, or 139% of its margin.

The trader has also taken a short position on Strategy shares, which have declined by 52% since entering, with an isolated margin of $732,163 that cannot be used to support the ZEC trade.

The account's overall leverage ratio is 6.26x, and its maximum drawdown stands at 65.92%. The trader may face a squeeze if ZEC continues its upward trend or a retrace if it pulls back below $1,000.