What does this wave of position adjustments by large contract holders imply? They closed over $3.6 million worth of ZEC short positions in just two hours, yet they are still firmly suppressing Ethereum?

A few days ago, a mysterious major player on Hyperliquid caused a stir again. In just 120 minutes, they closed over $3.6 million worth of ZEC short positions, and since the 12th, their total reduction has approached $6.08 million. At first glance, it seems like they might be planning to run away? Don’t overthink it—right now, they still hold the largest short positions on ETH, ZEC, and MON on the platform, with total holdings remaining around $118 million.

The most striking thing is that this big player’s performance is somewhat inconsistent. Currently, their ZEC short position shows an unrealized loss of $560,000, but looking at their Ethereum short positions, they’ve actually earned an unrealized profit of $8.15 million, with a return rate soaring to 140%. This indicates that they’re not simply bearish on the market but are carefully selecting their sectors—some coins are heavily suppressed, while others are quickly admitting losses. The logic behind this is very clear.

Honestly, retail investors are most prone to making mistakes when they see this kind of news. Large capital means lower average cost and stronger drawdown tolerance; their trading strategies are simply not suitable for small accounts. Especially for coins like ZEC, which are volatile and have limited liquidity—one big player adjusting their positions can cause a storm. Blindly copying their moves can lead to getting caught quickly.

Instead of chasing after big players’ tails recklessly, it’s better to stay calm. Observe the market for a few days, understand the technical and fundamental aspects of ETH and ZEC, and then make decisions based on your own risk tolerance. Frequent chasing and panic selling or holding through the dips will always end up hurting retail traders without a plan.

One sentence: The opportunities to make money in the market are always there, but the prerequisite is having an effective strategy. Not greedy, not panicking, and not blindly following others—these are the fundamentals for ordinary investors to stand firm in the crypto market.