Trader Shorts $22.3M ZEC Position, Secures $3.6M Profit After $700 Re-Test
On November 18, Arkham data shows a crypto trader deployed $22.3 million to open a ZEC short position, currently yielding a floating profit of $3.6 million. The trader initiated successive ZEC short trades after Zcash retested the $700 midline price two days ago. This large-scale short reflects growing bearish sentiment on ZEC amid recent price volatility. Market participants should watch for potential margin calls or squeeze events if ZEC breaks key support levels. The sizable short position may add downward pressure in the near term, while traders monitor whether ZEC can reclaim or sustain above the $700 range to reverse this bearish momentum.
Bearish
The initiation of a $22.3 million ZEC short indicates strong bearish sentiment. Large short positions tend to exert additional downward pressure, especially when price retests a key level like $700. Similar events, such as high-profile ZEC shorts that faced squeezes, demonstrate increased volatility following large bets against the token. In the short term, this position may trigger further selling or margin liquidations if ZEC fails to hold support. Over the longer term, sustained bearish bets could weigh on investor confidence unless countered by positive catalysts or a clear price recovery above the $700 midline.