$33 million in unrealized losses, yet he keeps adding to his position—the “doomsday bet” by ZEC’s largest short seller. ZEC broke through $1,584, setting a new all-time high. Behind this market rally lies an extreme countertrend battle between major players.

The market’s top ZEC short holder is suffering massive unrealized losses, yet has chosen to keep adding to the position and holding against the trend. The whale holds approximately 38,000 ZEC short, with a total position value of nearly 59 million and an average entry price of 665.8. As the price continues to rise, unrealized losses have kept expanding, climbing from over 20 million at the beginning of the month to over 33 million, effectively doubling.
What is unusual is that the deeper the losses, the more aggressively the whale adds to the position. During the rally, the short seller continued adding to the short at $1,252. On September 18, the whale even sold a large amount of ETH assets to replenish margin, substantially raising its own liquidation price and exchanging massive capital for more time and room to hold the position.
But the market gave the shorts no chance to catch their breath. On September 19, ZEC continued surging, reaching a high of $1,584. Another veteran short whale who had been steadily profitable for a long time closed the entire position at 1,548 after entering the risk zone. Half a month of profits and several months of accumulated gains were all given back, wiping out all profits in one go.
Although the current top short’s safety buffer appears ample, market risk remains extreme. ZEC has risen more than 25-fold this year, with a monthly gain of 160%, and the bullish trend has fully taken hold.
This round of short-side competition is essentially not a simple bet on a price pullback, but a bet that the sector’s narrative will lose momentum. The shorts have fewer and fewer available chips and less and less time to test their thesis, while ZEC’s price has forcibly pushed the only risk threshold farther away.
The overall major trend remains strong. Watch the 1,430–1,450 support zone below; if support holds, pay attention to controlling position size, as the market may have another chance to surge higher.
The most expensive losses in the trading market have never come from getting the direction wrong, but from continuing to add against the trend after misreading it.
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