ZEC rose by 0.18% on November 25 as a result of short-selling fluctuations and portfolio rebalancing

As of November 25, 2025,

increased by 0.18% over the last day, reaching $512.92, even though it experienced a 20.61% drop in the previous week. Over the past month, ZEC climbed 28.66%, and over the past year, it soared by a remarkable 825.18%. This growth occurred alongside significant on-chain activity, particularly involving large short positions.

Major Short Seller Faces Heavy Liquidations

An influential short trader, known as the “Cool-headed King of Short Selling,” was hit with multiple margin calls as spiked in the early hours. In just a few hours, this trader saw their BTC and short positions liquidated 31 times, resulting in a combined loss of $2.78 million.

Despite adding $440,000 more as collateral on Hyperliquid, more than half of the trader’s positions were eliminated. Their BTC short was reduced from $41.72 million to $22.05 million, with unrealized losses totaling $1.09 million. Likewise, the SOL short position dropped from $30.89 million to $15.12 million, with $1.18 million in unrealized losses. After growing their portfolio from $3 million to over $30 million in two months, the trader now retains only $1.24 million, having lost $15.37 million in just one week.

ZEC Short Whale Alters MON Exposure

That same day, the “Top ZEC Short on Hyperliquid” shifted their MON position by initiating a short at an average price of $0.032, totaling $3.48 million. The liquidation threshold is $0.25, and the trader has locked in a modest profit of $180,000. This adjustment makes them the largest MON short holder on Hyperliquid.

In contrast, the biggest MON long, controlled by address 0xcc, entered at an average price of $0.028 with a $5.4 million position. Their liquidation price is set at $0.0248, reflecting a more aggressive bearish approach.

Market Outlook

These developments underscore the turbulence in the ZEC and MON short markets. Although ZEC saw a slight uptick over 24 hours, the overall trend for the week was negative, likely due to the forced liquidations among major short holders. The changes in MON positions indicate a tactical shift, with ZEC continuing to attract short-term speculative interest.

On-chain metrics reveal a rapidly evolving market, where the moves of large traders can set off significant chain reactions. As ZEC maintains its strong upward momentum over the year, the strategies of institutional short sellers remain a crucial signal for market direction and possible trend reversals.

Summary

While ZEC achieved a small gain during the day, the main story revolves around the liquidation of prominent short positions. Market participants are now watching closely to see if the short squeeze can persist, especially given ongoing bearish bets in SOL and BTC. At present, ZEC serves as a key indicator of short-term market sentiment, with major traders actively adjusting their positions as conditions change.