Zcash Short Trader Faces $7.66M Paper Loss as ZEC Nears $1,500

The trader previously made nearly $1.9 million on a Bitcoin long and about $1.8 million on an Ethereum long before ZEC got them into trouble. A Zcash trader who once won 26 trades in a row is now sitting on a $7.66 million unrealized loss after taking a heavily leveraged short position in ZEC as the privacy coin continued its rally. The trade shows just how quickly gains from a strong run of successful positions can disappear when someone gets caught on the wrong side of a fast-moving market. ZEC Rally Leaves Short Trader $7.66M Underwater Lookonchain reported on September 18 that the trader had recorded an 89% win rate across 47 trades and made more than $9 million before the ZEC short erased those gains. The current position is a 12,285 ZEC short worth around $18.3 million, with the trader facing liquidation if ZEC reaches about $1,551. The position dashboard shows just under $1.8 million in account equity against the $18.3 million in total position value, with leverage at 10.82x. The trader has no free margin available, while the unrealized loss stands at $7.66 million. They opened their position at an average price of $867, compared with a mark price near $1,486. The scale of t...