Zcash Surges 15% to $586, Driving Major Short Losses on Hyperliquid
A major Hyperliquid trader incurred multi-million dollar losses after a brief rebound liquidated a short, then reopened another highly leveraged bet against ZEC.
HYPE
ZEC
Summary
A Hyperliquid trader lost over $3 million when a large ZEC short was liquidated during a market rebound. The trader then reopened a 10x leveraged short, holding 31,698 ZEC valued at $19.62 million. This follows earlier reports of Hyperliquid’s largest ZEC short facing $21.75 million in unrealized losses, with the position size having grown substantially amid ZEC’s continued price rally, increasing liquidation risk.
Terms & Concepts
- Zcash (ZEC): A cryptocurrency focused on privacy, using advanced cryptography to enable shielded transactions.
- Leverage: Using borrowed funds to increase the size of a trading position, which can amplify both gains and losses.
- Short Position: A trading strategy where an investor sells an asset they do not own, aiming to buy it back later at a lower price for profit.