ChainThink report, December 29, according to HyperInsight monitoring, as ZEC price continued to surge since December 27 (cumulative rise of approximately 22%), open interest (OI) for ZEC on the Hyperliquid platform significantly increased, with both the largest long and short positions simultaneously ramping up their exposure.

The "largest ZEC short" address has recently continued to add to its short position, with its holding size rebounding to $19.84 million at an average entry price of $417, currently marking a floating loss of approximately $4.51 million (-113%). Since opening its short position on ZEC in October, this address has been highly active—reducing its short exposure from $16.5 million to $9.1 million on December 17—and has now re-leveraged. The total short exposure in this account has risen from $113 million to $163 million, making it the largest short holder across ETH, ZEC, and MON on the platform.

Meanwhile, a major whale (0x6b2) yesterday substantially increased its 3x leveraged long position at an average entry price of $520, bringing its current ZEC long exposure to $32.2 million at an average cost of $431, with a floating profit of approximately $6.53 million (+60%), establishing it as the largest long holder on-chain for ZEC.