Just now, something wild happened on-chain: that ZEC super short from a certain exchange platform took advantage of the consecutive price surges and dumped another $1.72 million into shorts within an hour!

This guy started shorting ZEC back in October when it was still over $180. Now his average price has been pushed up to $412. Yesterday, he still had $3.3 million in unrealized profit, but today it evaporated to just $300,000—that’s $3 million gone in a flash. But he’s not panicking; instead, he doubled down and increased his position, clearly determined to go head-to-head with the market to the end.

What’s interesting is that this whale has also made $6.22 million in unrealized gains on ETH. He’s using the profit from one side to cover losses on the other—this kind of hedging strategy is something ordinary people just can’t replicate.

He’s also shorting MON, so it looks like he’s convinced the whole market is riding a roller coaster at the top. The $410–$420 range for ZEC has now become a battleground between bulls and bears, and short-term volatility will only get fiercer.

So what should retail investors do? Three points:

**Don’t go head-to-head with big money**—They have deep pockets and complex strategies. If you try to copy them with just a few thousand or tens of thousands, you’ll get liquidated in no time and learn a hard lesson.

**Keep a close eye on key levels**—The $410–$420 range for ZEC is a powder keg right now. If you want to dip your toes in, use a small position to feel things out—don’t go all-in.

**Stop-loss is more important than bottom fishing**—There are plenty of opportunities during this round of altcoin volatility, but a single pullback can send you from heaven to hell. Setting a stop-loss line is more important than anything else.

The whale’s performance is definitely exciting, but just enjoy the show. Before you throw in your real money, make sure you know your own limits. The market doesn’t care about tears—only your account balance.