ZEC Whale Faces $5.84 Million in Losses After a 9% Drop

A ZEC trader had $5.84 million in combined losses after ZEC fell 9%, spanning an open spot holding and a closed contract position.

The trader spent 31.78 million USDC to buy 25,002 ZEC over four days, paying an average $1,271 per token. The open spot position showed a $3.26 million unrealized loss because the tokens remained unsold.

Separately, the trader opened a long contract position for 18,910 ZEC on Hyperliquid, a crypto trading venue, at $1,378. The position was stopped out after ZEC fell below $1,200, resulting in a $2.58 million loss.

The two positions account for the $5.84 million total in different ways: the spot holding remained open, while the Hyperliquid trade was closed. Both positions gave the trader exposure to gains in ZEC, so the decline affected both.