#数字货币市场洞察 $ZEC is in trouble again! Hyperliquid's top short gets burned once more—this round of stop-losses was truly nerve-wracking.

The crypto market witnessed another drama today—the top ZEC short seller on the Hyperliquid platform has once again found himself in a losing predicament.

Here’s what happened. On December 9, this trader’s ZEC short position took a heavy hit. Due to a sharp short-term increase in ZEC’s price, his short position suffered an unrealized loss of $1.4 million, a drop of nearly 30%. The remaining position is worth $25.7 million, with a liquidation price set at $886. He was forced to close $1.24 million of the position just to stabilize the situation.

Tracing the evolution of this trade makes it even more interesting. Starting December 5, the trader kept increasing his ZEC short, pouring in $11 million to try averaging down the cost—pushing the average price down from $412 to $387. But ZEC refused to play by the rules and shot up, leaving him no choice but to exit in disappointment.

Interestingly, not all of his derivatives accounts are in the red. His ETH short is showing a $7 million unrealized gain, more than doubling the position; and his 3x leveraged MON short has also netted $2 million, still making him the largest short on that token.

The history of this ZEC trade is even more turbulent: from opening the short at $184 in October, at one point facing an unrealized loss of $21 million and nearing liquidation, to barely breaking even with a $3 million profit in early December, and now back to losses again. It’s a perfect microcosm of the derivatives market—under high leverage, gains and risks always go hand in hand.

Will this trader be able to offset his ZEC losses with profits from other positions, or will he have to continue navigating the long-short battle? The market is watching.