ZEC's Largest Short Sells $3.11M ETH, Still Holds $18.43M in Profit

On February 1, data from Hyperinsight showed that the address known as 'ZEC's largest short' (0xd475) partially closed its ETH short position, selling around 967.68 ETH worth approximately $3.11 million.

Following this move, the ETH short exposure still stands at a massive $53.55 million, with a current unrealized profit of $18.43 million.

A Legendary Short Seller

This address gained notoriety for its massive short position in ZEC. It once initiated short bets against ZEC from a price level of $184 and eventually turned a profit after enduring $21 million in unrealized losses.

Market Implications

• The transaction reflects a strategic partial profit-taking while maintaining a significant bearish stance.
• Analysts warn that while the address's actions are worth monitoring, traders should not follow blindly without understanding the broader context.