Whale's $11.6M ZEC Short Bleeds vs $4M BTC Long
A Whale That Wins 73.5% of Trades
One Hyperliquid address on the smart-money leaderboard wins 73.5% of its ZEC and BTC trades: 68 closed trades over 97 days, 50 wins, and $11.35 million in realized profit. The account trades mostly BTC, ZEC and UNI, with $229.7 million in total volume and fees of just $75,000. Its max drawdown across that stretch was $314,000, which is small next to the profit banked. ROI sits near 17%.
The current book is what makes it worth watching. The wallet holds two open positions that point in opposite directions.
BTC Long Is Carrying the PnL
The main position is a 3x cross long on BTC: 1,868 BTC entered near $77,090, worth about $148 million at current prices. Unrealized profit on the long is roughly $4 million, up 8.3% on margin. The liquidation price sits at $44,832, so the position has plenty of room. BTC trades around $79,200, and both Binance and OKX show the same tape: roughly $79,170, up 0.2% on the day.
This is the anchor of the account. Even if the short keeps bleeding, the BTC leg covers a good share of the damage.
The ZEC Short That Won't Quit
The other side is a 2x short on ZEC: 32,760 coins shorted from an entry near $444. The coin ran from a $458 low to an $874 high during the recent squeeze, and at $800 today the short is still underwater by about $11.6 million, a return of negative 159% on margin. The liquidation price is $2,559, far from reach, which is exactly why the position survives. A 2x cross short with that much distance to liquidation can absorb a violent squeeze without being forced out.
The price fell 2.5% today, which trims the loss, but the trade only turns profitable if it returns below the $444 entry. That is a long way from $800.
What This Setup Says
Smart money does not always look smart in real time. This account shows a 73.5% win rate and a clean drawdown history, yet it currently sits on roughly $7.6 million in combined unrealized losses. The realized $11.35 million is already banked, so the open pain is manageable within the account's scale.
For anyone watching ZEC leverage, this wallet is a useful marker. If the coin keeps sliding, the squeeze fuel on this short gets thinner. If it rallies again toward $874, expect the floating loss to grow but not to force a liquidation anywhere near current levels. BTC remains the swing factor for the account's overall health.
Data as of Beijing time 02:27 on August 26, covering Binance, OKX, Bybit, Hyperliquid, Gate and Bitget among major venues.