$ZEC update: whales flipped net short for the first time in this run. Only 39% of whale positions are long now, down from 75% a week ago.

Positioning now:
- Short whale size $112.2M vs $73.1M on the long side
- Long size cut by $52M in a day, short whales up from 196 to 293
- Crowd is 48% long, now more bullish than whales

Short whales’ avg entry is $1,185, only 1.7% above price, so even a small bounce puts them in loss. Liquidations sit far on both sides: $11.5M at $1,354-1,371 and $8.7M at $987-997.