Whale Aggressively Adds to ZEC Short Amid Mounting Losses
On March 18, on-chain data revealed that a well-known bearish address (0xd475…) — often labeled the largest short-seller of ZEC — increased its bearish exposure by approximately $1.01 million over the past 24 hours. This move extends its existing short position initiated on March 10, reinforcing a strategy of aggressive averaging down despite adverse price movements.
The address now holds a leveraged short position of roughly 17,157 ZEC, valued at nearly $4.78 million, using 5x leverage. The average entry price stands at $231.70. Despite suffering an unrealized loss of $800,000 — representing an 84% drawdown — the whale shows no signs of exiting, instead doubling down on its conviction.
Past Resilience: Survived $21M in Paper Losses to Turn Profit
This entity has built a reputation for persistence in bear markets. Previously, it began shorting ZEC around $184 and maintained its stance through multiple roll-overs. At one point, it faced over $21 million in unrealized losses, yet managed to ride out the storm, eventually turning the position profitable through disciplined cost averaging — a move that drew significant attention from market observers.
Broadly Bearish: Massive ETH Shorts Signal Wider Downturn Bet
Beyond ZEC, the same address holds approximately $35 million in short positions on Ethereum (ETH), indicating a broader negative outlook across major crypto assets. This isn't speculative trading — it reflects a strategic, macro-driven bearish thesis likely rooted in long-term market skepticism.
- Total ZEC short value: ~$4.78M
- Recent add: ~$1.01M
- Leverage used: 5x
- Average entry: $231.70
- Unrealized loss: $800K (-84%)
- ETH shorts held: ~$35M