Whale Closes $3.25 Million Short Position on ZEC After 17 Days, Taking $293,000 Loss
Multiple large ZEC positions, including new longs worth $11.1M, highlight volatile whale trading and substantial unrealized losses amid aggressive leveraged strategies.
On Jan. 8, Lookonchain reported that two wallets opened 1x long positions totaling 27,985 ZEC, worth $11.1 million, now facing over $2.2 million in unrealized losses. This comes as a whale trader on the same day initiated a 2x leveraged short on 5,000 ZEC worth $2.01 million at an average price of $499.32, currently holding $490,000 in unrealized profit. The short-position trader has previously shorted ZEC seven times without taking any long positions, accumulating $508,000 in total losses from those trades, and recently closed a $3.25 million short with a $293,000 loss after 17 days.
- Short Position: A trading strategy where an investor borrows an asset and sells it, betting that its price will fall in order to buy it back at a lower price.
- Whale: A term used in the cryptocurrency market to describe an individual or entity that holds a large amount of a particular cryptocurrency, often influencing market movements.
- Leveraged Position: A trading strategy that uses borrowed funds to increase potential returns, amplifying both gains and losses.