A whale that had been long both ZEC spot and futures lost a combined $5.84 million after ZEC fell 9% on the day, according to a post cited by ChainCatcher from on-chain analyst Ember. On the spot side, the whale spent $31.78 million over the past four days to buy 25,002 ZEC at an average price of $1,271, leaving the position with an unrealized loss of $3.26 million at current levels. On the derivatives side, the same whale opened a long position for 18,910 ZEC on Hyperliquid at $1,378. That position was fully stopped out and closed early today after ZEC fell below $1,200, resulting in a $2.58 million loss. The figures indicate the trader was hit on both sides of the market as the token moved lower.
ChainCatcher reported that on-chain analyst Ember said a whale that had recently gone long both ZEC spot and futures lost $5.84 million after ZEC fell 9% on the day.
Losses hit both spot and derivatives positions
On the spot side, the whale spent $31.78 million over the past four days to buy 25,002 ZEC at an average price of $1,271. The position is now sitting on an unrealized loss of $3.26 million.
On the futures side, the same whale opened a long position for 18,910 ZEC on Hyperliquid at $1,378. The position was fully stopped out and closed early today after ZEC fell below $1,200, booking a loss of $2.58 million.
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