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On-chain data shows that on December 26th, the famous "ZEC Short King" made a new move. This big whale injected 4 million USDC into the HyperLiquid platform, then quickly increased short positions in Ethereum and ZEC—ETH shorts with 15x leverage and ZEC shorts with 5x leverage.
Currently, this whale account holds 8 positions, with a total market value approaching $148.8 million. Ethereum shorts make up the majority, valued at $130 million, while ZEC shorts are worth $12 million. Interestingly, these positions are currently floating with a profit of over $17 million, and the total historical gains of the entire account have exceeded $38 million. Judging by this stance, this major investor is quite firm in their bearish outlook for the market.