ZEC Drops 9%, Whale Loses $5.84 Million from Dual Spot and Contract Longs

On November 3, according to on-chain analyst @EmberCN, ZEC dropped approximately 9% today, currently trading at $1,140.24. A whale that recently took long positions in ZEC across both the spot and derivatives markets has suffered combined losses of $5.84 million.

In the spot market, over the past four days, this whale spent 31.78 million USDT to acquire 25,002 ZEC at an average price of around $1,271, leaving them with an unrealized loss of approximately $3.26 million.

On the derivatives side, the whale opened a 18,910 ZEC long position on Hyperliquid at $1,378. Once ZEC dipped below $1,200 early today, the entire derivatives position was closed out by stop-losses, resulting in a realized loss of about $2.58 million.