Just observed on Hyperliquid: The biggest whale holders of privacy coins are currently sitting on massive losses. According to Coinbobs data, the situation with ZEC is particularly critical — the top holder with 10x leverage has now incurred over $6.6 million in unrealized losses. That’s intense, considering the margin has long been exceeded and the liquidation price is at $142.

But it doesn’t stop there. With XMR, there’s a large holder with 3x leverage who has lost about $350,000 in credit equivalents — that’s a serious position. And with DASH? The biggest player there has even $1.34 million in the red with 5x leverage.

The interesting part: none of them are closing their positions. Instead, they’re buying more and trying to push down the average price. That’s either very brave or very desperate — hard to say. But it shows how intense these moves are and how much conviction (or hope) is behind these bets.