Data: "ZEC's largest short seller" reduces its ZEC short position, releasing funds to short BTC and ETH with a scale of 17 million

According to monitoring by Hyperinsight, ZEC has fallen from its peak to around $550. The "largest short seller of ZEC" continued to stop-loss and reduce their ZEC short position in the afternoon, with a cumulative closing scale exceeding $5 million. This address previously had a ZEC short position of $12.6 million, and after the reduction, the remaining position is about $8.02 million, with a current floating loss of about $1.17 million.

This short position was opened on March 10 at an average price of about $210, coinciding with a recent local low. At one point, the floating loss reached as high as $2.4 million, enduring several months of holding and averaging down until ZEC experienced a phase correction.

The margin released from reducing ZEC was quickly redirected by this address to short BTC and ETH: a BTC short position was opened shorting 160 coins with 20x leverage, briefly pushing the scale up to $13 million, with an average price of $80,441; an ETH short position was opened shorting 1,866 coins with 15x leverage, with a scale of $4.27 million, at an average price of $2,286. As of the time of writing, both short positions are still being increased.