ZEC Drops 14.49% Over the Past Month as Hyperliquid Short Positions Evolve

ZEC Price Update and Market Overview

As of December 5, 2025, ZEC is valued at $372.44, reflecting a 0.43% decrease over the past day, a 14.49% drop in the last week, and the same percentage decline over the previous month. Despite these recent setbacks, ZEC has surged by 550.31% compared to its value a year ago. The cryptocurrency has become a focal point on the Hyperliquid derivatives exchange, where significant short positions are under close observation.

Major ZEC Short on Hyperliquid Nears Break-Even Point

Currently, one of the largest ZEC short positions on Hyperliquid stands at $14.1 million. In the last hour alone, this position grew by $1.72 million, causing unrealized profits to shrink from a recent peak of $3.3 million to just $300,000. The average entry price for this short is approximately $412, which is notably higher than ZEC's present market value.

This substantial short was first initiated on October 10, when ZEC traded around $184. The trader subsequently increased their position, raising the average entry price to $419. At one point, on October 17, the position faced a floating loss of $21 million, highlighting the high-risk nature of the trade before it eventually stabilized.

Shorting Strategies and Portfolio Diversification

The account behind this ZEC short is also actively betting against other leading cryptocurrencies, including ETH, MON, and HYPE. Of these, the ETH short is the most profitable, with a position worth $48.05 million and an unrealized gain of $6.22 million, representing a 194% return based on an average entry price of $4,014.

Additionally, the trader holds a 3x leveraged short on MON, valued at $5.72 million, which has generated $2.26 million in unrealized profit, or 118%. This is currently the largest MON short on Hyperliquid, underscoring a bold and diversified bearish approach across several digital assets.

“Calm King of Opening Shorts” Adjusts ZEC Exposure

Another prominent trader, known as the “Calm King of Opening Shorts,” has recently modified their ZEC short position. Over the past seven hours, this account increased its average entry price from $344 to $360, bringing the position’s value to $2.51 million. At the current price, this trade shows an unrealized profit of $20,000, or 20%.

This trader, who previously achieved a 15-trade winning streak, has recently encountered more volatility, with losses from BTC and SOL shorts slightly impacting overall performance. Nevertheless, the ZEC short remains relatively resilient compared to their other positions.

Market Outlook and Ongoing Position Tracking

The uptick in ZEC shorting activity on Hyperliquid points to a prevailing bearish outlook among major market participants, even as the asset boasts strong annual gains. With unrealized profits narrowing and entry prices aligning closely with the current market, traders appear to be managing risk carefully amid price swings.

Experts believe that vigilant tracking of these large short positions will be essential for anticipating future price movements in ZEC, especially as some positions near break-even or face the threat of liquidation. The prevailing strategy seems to involve patience and averaging entries, aiming to benefit from potential further declines in a highly volatile environment.