Largest ZEC Short Holder Cuts Ethereum Short Position, Realizes Major Profits
Whale address 0xd475 rapidly boosted ETH longs by $2.12M on February 3 after major short position adjustments, reflecting aggressive, high-frequency trading in volatile crypto markets.
On February 3, blockchain address 0xd475, known as the largest ZEC short holder, quickly increased its ETH long holdings to $2.12 million in about 30 minutes. Starting with 442.42 ETH at 15:47, it added 780 ETH across five transactions between 16:01 and 16:33, averaging $2,320.96 per ETH. This comes after it reduced its Ethereum short from $57 million to $9.5 million earlier in the week, securing $40 million in realized profits. The whale also maintains profitable Monero shorts and has engaged in significant BTC short closings through another address, highlighting sustained high-leverage strategies.
- ETH short: A trading position betting that Ethereum’s price will decline, typically executed via derivatives such as futures contracts.
- Floating profit: Unrealized gains on an open position, reflecting the difference between the current market value and the entry cost.
- ZEC short holder: An investor or entity holding a short position in Zcash, anticipating the asset’s price will fall.