ZEC Whale Loses $25.7 Million as Cryptocurrency Surges Past $1,200
A large Zcash whale has taken a significant hit due to its short position in the cryptocurrency. According to an on-chain analyst, the trader's wallet was left with approximately $25.7 million in unrealized losses after ZEC surged above $1,200.
The wallet had entered into a 32,760 ZEC short position at an average entry price of around $444 in July, and the cryptocurrency has since climbed by over 170% to its current price.
Despite holding a Bitcoin long position worth around $107 million, which carried an estimated unrealized gain of $4.42 million, the loss from the ZEC short position dwarfs this profit.
The trader's liquidation risk is considered high due to the large size of its account equity and the potential for further losses if ZEC continues to rise.