Zcash Latest Updates: ZEC's Soaring Surge Causes 250% Downturn for Hyperliquid's Leading Short Position

Bitget-RWA2025/11/07 05:48

By:Bitget-RWA

- Hyperliquid's largest ZEC short (0xd47) faces $14.5M unrealized loss as ZEC surges past $580, marking 250% losses on a $29.26M bet. - ZEC's 48.74% weekly gain boosts market cap to $8.6B, surpassing Sui/Hedera, driven by institutional interest and Solana integration potential. - Hyperliquid's $780M HYPE buyback generated 65% returns, but HYPE price fell 4.33% amid crypto volatility, contrasting ZEC's bullish momentum. - ZEC futures open interest hits $773.84M all-time high, with 0x96ea whale's $16. 3M lon

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold. Trade now!

A welcome pack worth 6200 USDT for new users! Sign up now!

Hyperliquid's largest

Zcash

(ZEC) short position has ballooned to an unrealized deficit of $14.5 million as the privacy-centric cryptocurrency climbs above $580, based on data from on-chain analytics provider

HyperInsight

. The whale wallet (0xd47), which began shorting ZEC during the October 11 flash crash, is now facing a 250% loss on its $29.26 million wager, having incrementally increased its position as prices rose, according to a

Lookonchain analysis

. This represents a sharp turnaround for the address, which had previously seen over 100% floating gains before the October drop, the same analysis revealed.

The

ZEC

short's troubles come as the asset enjoys a broader rally, jumping 48.74% over the past week and 17% in the last seven days, according to a

ZEC price outlook

. Zcash's market cap has now surpassed $8.6 billion, overtaking

Sui

(SUI) and

Hedera

(HBAR) to claim the 26th spot globally, as reported by

FXStreet

. Major factors include renewed institutional interest and technical improvements that allow

Solana

light-client support, potentially paving the way for cross-chain privacy solutions, a point emphasized by

U.Today

Zcash Latest Updates: ZEC's Soaring Surge Causes 250% Downturn for Hyperliquid's Leading Short Position image 0

. Helius CEO Mert Mumtaz and investor Naval Ravikant have also contributed to the buzz around ZEC, with Ravikant praising its zk-SNARKs as a standard for privacy, according to

Coinotag

Hyperliquid continues to be a key player in the crypto derivatives space, having recently completed a $780 million token repurchase that yielded a 65% gain, as reported by

AmbCrypto

. The perpetual DEX's strong performance is attributed to its revenue model, which requires users to hold HYPE tokens for fee reductions, thereby driving natural demand, AmbCrypto notes. Despite this, HYPE's value has dropped 4.33% over the past week, now trading at $38.43 amid wider crypto market swings, a decline also covered by AmbCrypto.

ZEC's recent price surge has intensified pressure on short sellers to cover positions. Open interest in ZEC futures reached a record $773.84 million, with the long-to-short ratio approaching monthly highs, according to FXStreet's research. Analysts point out that ZEC's circulating supply on exchanges has fallen by 40% since mid-2025, making it more sensitive to buying activity, a trend highlighted by Coinotag. A whale wallet (0x96ea) that opened a $16.3 million long position three days ago is currently up $2.7 million, underscoring the asset's strong

momentum

as noted in the ZEC price outlook.

While ZEC bulls are targeting a breakout above the $575–$580 range, FXStreet's projections indicate further upside, though short sellers remain at risk of deeper losses. The 0xd47 wallet's ZEC short is now the largest position on Hyperliquid, far exceeding the biggest long (0x549) at $13.6 million, according to the earlier Lookonchain report. Meanwhile, Hyperliquid's support fund, which holds 3.44% of HYPE's total supply, continues to conduct buybacks, but its effect on demand seems limited as HYPE declines for a seventh straight day, U.Today reports.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.

Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.

Trade now！

1. Technology stocks fell sharply as investor interest shifted toward energy and selected defensive assets. From October 10 to 16, the Nasdaq 100 declined 5.49% and the S&P 500 fell 1.95%, while the Dow gained 0.67% and WTI crude rose 10.41%. BTC, ETH, and SOL declined 1.27%, 2.65%, and 4.44%, respectively. This week's technology earnings will be an important test of whether revenue growth, margins, and cash flow can justify current valuations. Better-than-expected results could help stabilize markets in the near term. 2. Crypto continues to see pockets of strong activity, but a broad-based altcoin season has yet to materialize. CoinMarketCap's (CMC) Altcoin Season Index stood at 54 as of the October 18 UTC daily observation, below the altcoin-season threshold of 75, while BTC dominance rose to 60.08%. Our proxy leverage ratio fluctuated between 4.00 and 4.07 during the week, showing no sustained increase and suggesting limited appetite for additional leverage. Meanwhile, as major exchanges expand access to traditional financial assets, the recent sell-off in AI-related equities could attract short-term speculative capital away from crypto. Such capital rotation could make it more difficult for a new altcoin season to take hold. 3. Papertrade's loss-to-mine model has generated significant interest across the crypto community. The protocol combines high-leverage derivatives trading with zero slippage and a mechanism that rewards trading losses with PAPER tokens. Across the eight complete UTC days from October 10 to 17, cumulative reported revenue reached approximately $56.08 million, including $51.90 million distributed to token holders. With growing participation from key opinion leaders (KOLs), Papertrade has reportedly ranked among the top three platforms by profitability in the broader market recently. Assets to watch: BTC, ETH, SOL, ARB, OP, SKHYNIX, SKHY, META, TSLA, LRCX, and SPCX. Key research priorities this week: Cash flow performance in technology earnings; the relative discount and holding costs of the two SK Hynix contracts; and U.S. initial jobless claims and PMI data. Weekly market data cover the period through October 16, while research information was verified through October 18. Observation periods are specified separately for each chart.

Bitget•2026/10/19 06:51