Zcash Latest Updates: Ongoing ZEC Shortfall and Popcat Incident Put Pressure on Hyperliquid's Liquidity

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Zcash Latest Updates: Ongoing ZEC Shortfall and Popcat Incident Put Pressure on Hyperliquid's Liquidity

Bitget-RWA2025/11/15 09:22

By:Bitget-RWA

- Hyperliquid's ZEC short position, $28M notional, has seen losses shrink to $9.5M as whale adds to bets during price rallies. - Same whale holds $27M ETH short with $5.5M unrealized profit, showcasing cross-asset hedging through leveraged positions. - Popcat (POPCAT) trading loss of $4.9M triggered by meme coin collapse forced manual liquidation, damaging Hyperliquid's reputation. - HYPE token's futures open interest dropped $500M since October, reflecting waning confidence amid infrastructure concerns an

Hyperliquid's

Zcash

(ZEC) trading pair has become a hotspot for sharp price swings, as the platform's largest short position has remained open for more than a month. During this period,

unrealized losses have narrowed from a high of $20.19 million to $9.5 million

as of November 14. This trade,

initiated on October 11

, shows a large investor's attempt to profit from a falling

ZEC

price, having entered at $336 while the current price is around $508. The trader has

repeatedly increased the short position as prices climbed

to reduce the average entry price, demonstrating strong bearish conviction.

This ZEC short is not the trader's only major position. The same wallet is also holding a 15x leveraged

Ethereum

(ETH) short valued at $27 million, which

has produced an unrealized gain of $5.5 million

as ETH has climbed from $4,094 to its present price. This approach

demonstrates the trader's use of hedging

to manage risk across related assets while maintaining leverage. At the same time,

another major investor has been unwinding a ZEC long position

, selling over 30,000 ZEC in just nine hours to limit losses as the price dropped below their average buy-in.

The ZEC short squeeze has played out against a backdrop of broader difficulties for Hyperliquid. On November 13,

the exchange temporarily halted Arbitrum-based deposits

and withdrawals after a Popcat (POPCAT) trader caused a $4.9 million loss to the platform's community vault. The event involved a $3 million stablecoin deposit used to open $20 million in long Popcat trades across 19 wallets, which were later liquidated when the

meme

coin's value plummeted.

Hyperliquid's market maker, HLP, absorbed these losses

, further weakening demand for the exchange's native token, HYPE.

Zcash Latest Updates: Ongoing ZEC Shortfall and Popcat Incident Put Pressure on Hyperliquid's Liquidity image 0

Open interest in HYPE futures has

dropped by almost $500 million since October

, indicating a reduced appetite for risk among traders.

The ongoing ZEC short highlights the ongoing struggle between aggressive bearish trades and overall market forces. While

the whale's ZEC short has seen its losses decrease

from $20 million to $9.5 million, the position still has a notional value of $28 million. In contrast,

the same trader's ETH short has profited

from a 13.2% price rise since opening, underscoring the risks and rewards of leveraged strategies.

Experts point out that such large, concentrated trades

can intensify price swings, especially in privacy coins like ZEC that attract speculative trading.

Hyperliquid's handling of the Popcat situation has added to its challenges.

Some critics claim that the exchange's manual intervention

in closing the Popcat position and its removal of the Solana-based meme coin JELLYJELLY represent a move away from decentralization. Recent technical problems, such as

the pause of the Arbitrum bridge

, have also sparked concerns about the platform's technical robustness.

With the ZEC short still active and the aftermath of the Popcat event ongoing, Hyperliquid's platform is facing a crucial test of its liquidity controls and governance. The mix of leveraged trading, meme coin speculation, and regulatory attention continues to shape the exchange's path in the fast-changing crypto landscape.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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