Still adding positions after losing $508,000? The ZEC short whale's "seven in, seven out" obsession

A whale known as “坚定做空ZEC” (Steadfast Short ZEC) has made another move today. According to on-chain data monitoring, this large holder continued to increase their short position on ZEC on January 8, currently shorting 5,000 ZEC with 2x leverage (approximately $2.01 million), with an average entry price of $499.32, and now floating profit of $490,000. More notably, this is the eighth time this whale has opened a short position on ZEC, and all previous seven times resulted in losses, with a total loss of $508,000.

The Whale’s “Obsession”: Why Keep Adding to a Losing Position After Seven Losses?

Trading History Overview

According to relevant information, this whale’s shorting record is quite remarkable:

• Number of operations: Seven shorts, never going long
• Total losses: $508,000
• Most recent: Closed a position on January 6 with a loss of $293,000, then added again just two days later
• Current position: Entry price $499.32, floating profit $490,000

This pattern of continuously shorting and adding to the position is uncommon in on-chain data. Most addresses with heavy losses tend to disappear or completely change their strategy. But this whale chooses to persist.

The Logic Behind the Signal

From on-chain behavior, several noteworthy details emerge:

Obsession with Stop-Loss Without Exiting — Despite consecutive losses, the whale always closes the position to realize losses and then re-enters at a lower price. This behavior indicates a strong conviction in the short thesis; stop-loss is merely a risk control measure, not a change in logic.

Always Reject Going Long — After seven losing shorts, this whale has not adjusted strategy to go long. Instead, it insists on stop-loss during rebounds. This suggests he dismisses all rebound fantasies and is still waiting for a major decline.

The Deeper Meaning of Choosing Privacy Coins — ZEC, as a privacy coin, has relatively concentrated liquidity and is more susceptible to large holder actions. The whale’s persistent shorting may imply he senses potential negative news or regulatory risks surrounding the project.

Market Status and Insights

ZEC’s Real-Time Performance

According to the latest data, ZEC is currently priced at $402.57, with notable recent declines:

• 1 hour: down 5.93%
• 24 hours: down 16.68%
• 7 days: down 22.94%
• Market cap: $663 million, ranked 18th

From this perspective, ZEC is indeed under pressure. But the accumulated losses of the whale also show that the shorting power has not yet pushed the market into a true major decline.

Two Interpretations

Short Trap Theory — If this whale is ultimately proven wrong, his seven losses could be seen as a “short trap,” accumulating momentum for a subsequent rebound. Each stop-loss consumes short positions.

Persistent Waiting Theory — Alternatively, the whale might be using real money to wait for a inevitable trend reversal. The market always turns when everyone’s patience is exhausted; he’s losing USD but gaining “trend confirmation” chips.

Summary

This whale, dubbed “Steadfast Short ZEC,” with a total loss of $508,000 and an eighth addition to his position, tells a story of obsession and conviction. His behavior defies conventional trading logic but highlights that sometimes on-chain whales are not pursuing short-term profits but are testing a larger trend.

Whether he is ultimately right or wrong, his continuous shorting provides an interesting reference point for the market. The short-term bearish force on ZEC is being gradually exhausted, and downward momentum seems to be weakening. The key question is: when will this exhaustion translate into a rebound? This may be more worth watching than the whale’s profit and loss itself.