Zcash Latest Updates: ZEC Shorts Reduced by $8M, Yet a $21M Deficit Threatens on Hyperliquid

The largest

short on Hyperliquid has been steadily cutting back its exposure, reducing the position by about $8 million as the market remains turbulent. By November 17, the address 0xd47 holding this position , which has decreased from a previous high of more than $20 million earlier this month. The trader began building this short in early October at an initial price of $184 and has .

This activity highlights the heightened volatility across crypto derivatives, where

on all platforms in the last 12 hours, with long positions making up $206 million of that sum. For ZEC specifically, short liquidations reached $17.91 million, fueled by a 25% price jump compared to the wider market. The sharp price swings have brought extra attention to Hyperliquid’s order books, with the largest ZEC short drawing particular focus from analysts monitoring risk.

The liquidation threshold for this position has risen to $1,111,

, as the trader works to average down their entry price during the rally. Even with these moves, the account is still highly leveraged, holding a notional value of $74.35 million and showing a floating loss of 245%. The approach seems similar to strategies seen in other major crypto trades, such as involving the $POPCAT token. That case, tied to BTX Capital, demonstrated how major players can take advantage of thin liquidity to trigger a chain of liquidations—a scenario now unfolding with ZEC.

The actions of the ZEC short come as Hyperliquid sees a broader shift in risk-taking, with the platform’s largest ZEC long—holding $22.29 million at 5x leverage—having

. This contrast highlights Hyperliquid’s role as a key arena for both bullish and bearish leveraged trades, magnifying both profits and losses.

As the ZEC short continues to adjust its exposure, the market remains alert for more potential liquidations. The episode also

for platforms like Hyperliquid, where sophisticated traders can orchestrate large-scale moves with little immediate supervision. For now, the $8 million reduction in the ZEC short’s exposure suggests a shift in risk management rather than a full exit—underscoring the high-risk environment of crypto derivatives trading.