On January 8, ZEC experienced an interesting price movement. The price dropped 6.4% in the short term, reaching a low of $449, then quickly rebounded to around $465.

The most eye-catching part of this volatility was the operation by a top long whale (0x152) on Hyperliquid. His position went from profit to loss, but he reacted quickly—decisively adding to his position around $459, accumulating 2,486 ZEC in just 10 minutes, worth $1.14 million. Even more aggressively, over the past 20 hours he has cumulatively added 9,871 ZEC, investing a total of $4.54 million. Now this individual is holding ZEC long positions with 10x leverage, with a total position size of approximately $12.35 million and an average cost of $463.

On the flip side, the shorts are having a tougher time. The so-called "ZEC biggest short" whale now has a position size of $17.48 million with an average cost of $419, and unrealized losses have reached $1.64 million (down 47%). The key issue is that this trader hasn't adjusted his position much recently and is still holding firm.

What's even more dramatic is that the "altcoin short army leader" has surprisingly been continuously adding to short positions over the past few hours, pushing ZEC short positions to $2.08 million, and is still adding. Both bulls and bears are probing each other—this matchup is far from over.