# Zcash Sell-Off Leaves 27 of 32 Large Hyperliquid Longs Underwater

By Enna Lee

Canonical URL: https://www.tokenpost.com/news/investing/54739
Published: 2026-11-12T01:08:59.000Z
Updated: 2026-11-12T01:08:59.000Z
Section: Investing

> The underwater positions hold about 122,600 ZEC, nearly 30% of Hyperliquid’s ZEC perpetual open interest. Two accounts faced full or repeated liquidations.

A sharp Zcash (ZEC) drop on Hyperliquid put 27 of the platform’s 32 large long-position addresses underwater, with the group carrying about $23.74 million in unrealized losses.

ZEC fell from $1,199.20 to $965.79, a decline of about 19.5%, and was near $987, down 14.7% over 24 hours. The 27 underwater addresses held about 122,600 ZEC, worth roughly $121 million. That was 90.2% of the large-address long positions and about 29.5% of Hyperliquid’s ZEC perpetual open interest.

The 32 positions had a weighted average entry price of $1,127.26, about 12.5% above the reported market price. Address 0xc36a held roughly 13,500 ZEC entered at $1,229.96 and had an unrealized loss of about $3.27 million; its liquidation price was $894.23.

Liquidations also hit other accounts. Address 0x8f74 had all 567 ZEC in its long position liquidated, with a loss of about $112,500. Address 0xb200 was liquidated three times in 24 hours, across a total of 324 ZEC. The figures show losses and forced closures concentrated among large Hyperliquid ZEC longs.