Hyperliquid News Today: ZEC Whales Face Off: $2 Million in Profits Against $6.75 Million in Losses Before Halving

Over the past two months, Zcash (ZEC) has skyrocketed by more than 1,000%, reaching $383 and overtaking Monero and

in terms of market value, based on . The privacy-centric coin now boasts a record $6.24 billion market capitalization, even though its current price per coin is below its 2018 high, according to CoinMarketCap. This dramatic rise has sparked both bullish and bearish bets from institutions, with the top ten futures positions on Hyperliquid showing a sharp split. Some traders are riding the upward trend, while others are suffering heavy losses amid the price swings.

One major whale on Hyperliquid is holding a 5x leveraged long position of 21,978.9 ZEC, bought at an average of $327.47. This trade has brought an unrealized profit of $2.03 million, representing a 110.59% ROI, according to

. On the other hand, another large trader with a 5x short position of 44,386.21 ZEC is currently down $6.75 million and risks liquidation if ZEC climbs above $812.3, as noted by . These opposing trades highlight the intense speculation around ZEC, especially as its price rises amid increasing institutional interest and social media buzz, according to .

The current long/short ratio for ZEC is 1/1.92, with 65.72% of traders betting against the price, according to CryptoTimes. This bearish outlook stands in contrast to ZEC’s recent 200% rally over the past month, which has been driven by excitement over its upcoming halving in November 2025. The halving event, which cuts mining rewards in half, has historically led to price increases due to reduced supply. Meanwhile, adoption of Zcash’s shielded transactions is on the rise, with 4.9 million ZEC—about 30% of all coins—now held in private wallets, CryptoTimes noted.

On-chain data further illustrates the market’s turbulence. A whale known as 0xC385 deposited $3 million in

to Hyperliquid and opened a 2x short position on 3,230 ZEC, wagering that the price will fall below $581.43 to avoid liquidation, according to . This strategy reflects broader market uncertainty, but ZEC’s recent 24-hour jump of 22% to $470, as reported by , indicates that short sellers are under increasing pressure.

The ZEC rally has also attracted attention from well-known figures. Influencers such as Arthur Hayes, formerly of BitMEX, have expressed optimism about ZEC’s future, with some even forecasting a $10,000 price, according to CryptoTimes. Institutional interest is also climbing, with Grayscale’s ZEC Trust now managing $137 million in assets, CryptoTimes reports. Alongside these developments, ZEC’s interoperability has improved, with Unichain recently enabling ZEC bridging, as highlighted by

, further cementing its status as a leading privacy coin.

As the halving approaches, the tug-of-war between bullish enthusiasm and bearish caution is likely to shape ZEC’s next moves. For now, the market remains highly competitive, with both whales and retail traders experiencing dramatic wins and losses on Hyperliquid’s leaderboard.