Zcash Whale Holds $8 Million Short as $10.8 Million in Buy Orders Sit Below

A wallet with an $8.04 million Zcash (ZEC) short has 99 buy limit orders totaling about $10.78 million below the quoted market price, potentially leaving it with a 2,889-ZEC long if all fill and no other trades change the position.

The short has an average entry price of $1,180.11 and about $351,000 in unrealized profit. At the quoted ZEC price of $1,130.90, the buy orders between $1,055 and $1,100 sit 2.7% to 6.7% below that level. They cover roughly 10,000 ZEC.

If all the buy orders fill, the wallet would first close the short and then hold about 2,889 ZEC long, assuming no other position changes. The orders do not establish that the wallet has reversed its position.

The wallet also has a sell limit order for 2,999 ZEC at $1,200, worth about $3.60 million and roughly 6.1% above the quoted price. If that order fills before the buy orders, the short would grow to about 10,100 ZEC. Both outcomes depend on the orders filling.