BlockBeats News, March 18th, according to Hyperinsight monitoring, last night and this morning, the “ZEC Largest Short” address (0xd475…) made another move, continuously averaging down and increasing its ZEC short position by about $1.01 million. This position was initially established on March 10th.
The current 5x leveraged ZEC short position is approximately 17,157 ZEC, equivalent to $4.78 million, with an average entry price of $231.7. The short position is currently at a paper loss of $800,000 (-84%) and is now the largest on-chain ZEC short.
This address often engages in “shorting against the tide” in its ZEC position, having previously started shorting ZEC from the $184 price level and continuously rolling over the position. At one point, it endured a massive unrealized loss of up to $21 million, but through long-term holding and averaging down, managed to turn the losing position into a profit. Currently, the address also holds a $35 million short position on ETH, maintaining an overall bearish outlook.
