On January 8th, ZEC experienced an interesting wave of price movement. The price dropped 6.4% in a short time, probing a low of $449, before quickly rebounding to around $465.

The most eye-catching part of this volatility was the operation of a top long whale (0x152) on Hyperliquid. His position went from profit to loss at one point, but he reacted quickly — decisively averaging up near $459, adding 2,486 ZEC in just 10 minutes, totaling $1.14 million. Even more aggressive, over the past 20 hours he has accumulated 9,871 ZEC, pouring in a total of $4.54 million. Now this guy is holding 10x leveraged ZEC long positions with a total scale of approximately $12.35 million, at an average cost of $463.

On the opposite side, the short position holders are having a tougher time. The so-called "ZEC biggest short" whale now holds a position of $17.48 million with an average cost of $419, and is currently underwater by $1.64 million (down 47%). The key thing is this guy hasn't adjusted his position much recently and is still holding firm.

More dramatically, the "altcoin short army leader" has actually been continuously adding to its short position over the past few hours, pushing ZEC short positions to $2.08 million and continuing to add. Both bulls and bears are probing each other, and this showdown is far from over.