On December 5, 2025, Zcash (ZEC) experienced a significant 11.19% jump within a single day, climbing to $395.27. Despite this sharp rise, the cryptocurrency has slipped by 4.99% over the last week and month. However, ZEC remains up an impressive 622.53% since the beginning of the year. These fluctuations, combined with recent trading activity, indicate evolving attitudes among major market players, particularly in short positioning.
A well-known trader, referred to as “Calm Long King,” has recently increased short positions across several assets, including ZEC, BTC, and SOL. Over the past seven hours, this trader’s address expanded its short exposure, with the average entry price for the ZEC short rising from $344 to $360 and a total notional value reaching $17.29 million. This adjustment appears to be a tactical response to ZEC’s recent price momentum.
Although ZEC posted a strong 24-hour gain, the trader’s account shifted from a brief profit to a slight loss as prices fluctuated. The ZEC short currently shows an unrealized profit of $20,000 (20%) on a $2.51 million position. In contrast, the BTC and SOL shorts are underperforming, resulting in a combined unrealized loss of about $160,000 for the account.
As of December 5, the trader’s main short positions include:
This trader has been active on Hyperliquid since November 27 and recently achieved a streak of 15 consecutive winning trades. In September 2025, the account recorded over $30 million in trading volume from a $3 million capital base, but several losses in November nearly wiped out earlier profits.
The increase in the average short price for ZEC suggests the trader anticipates that the recent rally may not be sustainable. While the ZEC short remains profitable for now, the broader declines over the past week and month point to a more cautious outlook among some investors. Adjusting short exposure during a price upswing could indicate changing expectations for ZEC’s near-term direction.
Despite the notable daily gain, the ongoing short-term downtrend signals that traders are preparing for continued volatility. ZEC’s price action is being closely monitored within the larger altcoin market, especially as privacy-focused coins like ZEC and DASH have entered a corrective phase after extended rallies.
Summary: ZEC’s 11.19% surge in 24 hours has brought renewed attention to both bullish and bearish positions. Active traders are recalibrating their strategies in response to shifting price trends, with the market maintaining a watchful but cautious stance as short-term reversals remain possible.