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$ZEC $MON Someone is aggressively shorting during ZEC’s bull run—so who’s really playing this game?

A big player has appeared on Hyperliquid: a certain whale holds the largest ZEC short position and, despite the price surging, just added another $1.72 million to their shorts. All done within an hour, as if challenging the market.

Looking back at the timeline makes it even more interesting—this person started building their short position back in October, when ZEC was just above $180. Now their average price has been pulled up to $412, and unrealized profits have plummeted from $3.3 million yesterday to $300k. That’s a $3 million paper profit wiped out just like that. Most people would have cut their losses and run, but this whale chose to add to their position and average down, clearly betting on a bigger cycle.

But there’s another side: this person is simultaneously sitting on $6.22 million in unrealized profits from ETH, using gains from one side to weather volatility on the other. This kind of hedging strategy, with such capital size and risk control, is simply out of retail traders’ league.

So the question is—should you follow?

Let’s lay out three facts:

**Unequal capital scale**
A whale can withstand wild swings; your account might not survive even one big wick.

**Price is at a key range**
ZEC is now stuck at the $410–$420 psychological level. Short-term tug-of-war between bulls and bears will be intense. It’s wiser to test the waters with a light position than to go all-in.

**Broader market is still choppy**
He’s also shorting MON and ETH, showing that big money sees the high-level consolidation as unfinished. Alts are highly volatile in the short term, but the direction isn’t clear yet.

The whale’s moves are certainly impressive, but we’re not playing at the same table. Understand the logic, control your position size, set stop-losses—don’t let someone else’s play become your own disaster. There are plenty of opportunities in the market; there’s no need to blindly follow a single player.