$118 million short position appears on Hyperliquid: ETH bet with unrealized gains of $5.49 million, while ZEC faces a loss predicament

【Crypto Rhythm】A significant bear position has emerged on Hyperliquid with an interesting story. In the past 2 hours, this trader, the “Largest ZEC Bear,” has continued to add to their short positions in ZEC and ETH, with a total increase of approximately $13 million in a single day.

The current situation is as follows: ETH short position stands at $79.53 million, with an unrealized profit of $5.49 million (approximately 103% gain), with an average entry price locked at $3,470; ZEC short position is about $24.3 million, but this is not so good—an unrealized loss of $3.47 million (-71%), with an average entry price of $388.

Interestingly, this trader also holds the largest short positions in both ZEC and MON, ranking second among ETH shorts. Recently, MON has also seen significant activity, with a short position of $9.9 million, and the average entry price has been averaged down to $0.0327. The total short position across the entire account is approximately $118 million, with the current main profit driven solely by ETH.

Historically, this address is operated by a very disciplined trader. They began shorting ZEC as early as October 10, with an opening price of around $184. Since then, they have been gradually adding to the position and averaging up the entry price. There have been big fluctuations—on October 17, they experienced an unrealized loss of $21 million, almost wiped out, but by December 1, they miraculously turned the loss into a profit. Now, they are again facing new losses. This back-and-forth tug-of-war truly tests the psychological resilience of the holder.