A screenshot of a liquidation—calling a certain “whale” “shorting ZEC and paying back $34.5 million.”
But then the other party’s ledgers get pulled up, and the whole story turns out the other way around.
Yes, the 38,000 ZEC short positions are indeed losing money—no one disputes that part.
But under the same operator name, there are also 202,080 ZEC spot holdings sitting there; valued at $1,580 each, that’s $319 million.
The notional value of the shorts is only $60 million—this is a hedged position, not naked shorting.
When you calculate it, the net position is actually 164,000 ZEC—clearly net long.
Fifteen big V accounts set the narrative, and with more than 150,000 views, they directly flipped the “short squeeze/liquidation” story into “cornering the market and hoarding coins,” all without anyone actually verifying whether the holdings truly changed.
Both versions of the screenshot stories are “not wrong,” but neither one lays everything out—whether the address is the same person, where the liquidation line is, and what the funding rate is—none of this has been verified.
What really should be watched isn’t whether this whale is short or long; it’s how much of the circulating supply is concentrated in his hands—that’s concentration risk, not a signal of a bull market.
$ZEC #DeFi #Crypto
But then the other party’s ledgers get pulled up, and the whole story turns out the other way around.
Yes, the 38,000 ZEC short positions are indeed losing money—no one disputes that part.
But under the same operator name, there are also 202,080 ZEC spot holdings sitting there; valued at $1,580 each, that’s $319 million.
The notional value of the shorts is only $60 million—this is a hedged position, not naked shorting.
When you calculate it, the net position is actually 164,000 ZEC—clearly net long.
Fifteen big V accounts set the narrative, and with more than 150,000 views, they directly flipped the “short squeeze/liquidation” story into “cornering the market and hoarding coins,” all without anyone actually verifying whether the holdings truly changed.
Both versions of the screenshot stories are “not wrong,” but neither one lays everything out—whether the address is the same person, where the liquidation line is, and what the funding rate is—none of this has been verified.
What really should be watched isn’t whether this whale is short or long; it’s how much of the circulating supply is concentrated in his hands—that’s concentration risk, not a signal of a bull market.
$ZEC #DeFi #Crypto