A whale lost $5.84 million after ZEC fell 9% today, combining an unrealized loss on spot holdings (tokens owned directly) with a realized loss on futures positions (derivative contracts). The trader spent $31.78 million to buy 25,002 ZEC over the past four days at an average price of $1,271, leaving a $3.26 million paper loss. Separately, the whale opened a $1,378 long position on Hyperliquid for 18,910 ZEC; the position was fully closed by stop-loss orders after ZEC dropped below $1,200 early today, locking in a $2.58 million loss.