Trader’s Largest Hyperliquid ZEC Short Now $15.98M Underwater
On Nov 7, on-chain analyst @ai_9684xtpa flagged that address 0xd47...51A91 holds the largest ZEC short on Hyperliquid. This ZEC short is currently $15.98M underwater after the trader added 24.848M USDC margin to avoid liquidation. The trader holds 50,370.45 ZEC at a $293.03 entry. The same address maintains 19 other positions, including ETH, HYPE and SNX, totalling $74.53M. ZEC ranks among Hyperliquid’s top five open interest and Binance’s top ten tokens.
Bullish
The fact that the largest Hyperliquid ZEC short is now $15.98M underwater suggests ZEC has recently rallied. The trader’s 24.848M USDC margin top-up reduces the risk of forced liquidation, easing immediate selling pressure. Historically, large shorts moving into loss territory often spark short-covering rallies—as seen in early 2021 when major BTC futures shorts were liquidated en masse. In the short term, this dynamic may fuel further upside for ZEC as shorts buy back positions. Over the longer horizon, the substantial margin buffer could lend stability to ZEC derivatives markets, underpinning sustained bullish sentiment if open interest remains high.