On Hyperliquid, address 0x5b5d51203a0f9079f8aeb098a6523a13f298c060 has a short position of approximately $49.3 million in ZEC, with unrealized gains of approximately $10.91 million and ROE of approximately +54%. At the same address, a BTC short worth approximately $211 million is showing an unrealized loss of approximately $10.12 million—a gain of over $10 million on one side, and a loss of over $10 million on the other.

The same address also holds an approximately $247 million ETH short (unrealized loss of approximately $60,000, nearly breakeven), an approximately $73 million SOL short (unrealized loss of approximately $5.04 million), and an approximately $41 million HYPE short (unrealized loss of approximately $3.26 million). The account's net value is approximately $144 million, with leverage mainly at 3–7x cross margin.

Prices: ZEC at Binance approximately 1213.23 (+1.004%) and OKX approximately 1213.22 (+1.135%); BTC at Binance approximately 80168.9 (-0.401%) and OKX approximately 80167.5 (-0.394%); ETH at Binance approximately 2323.91 (-1.032%) and OKX approximately 2323.87 (-1.012%).

The ZEC short is in profit, while the BTC position is bleeding—the cross-asset exposure seems to be moving to different rhythms, rather than the account simply betting on one direction and getting it right.

#Hyperliquid #巨鲸 #ZEC #BTC

With the unrealized profit on the ZEC short at the same address already over ten million, should they keep holding the BTC short that’s down over ten million as a hedge, or cut it first to stop the bleeding?

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