ZEC Drops 4.42% on November 8 as Short Liquidation Threats Rise and Large Holders Adjust Positions

As of November 8, 2025,

experienced a 4.42% decline over the past day, settling at $608.24. Over the previous week, ZEC increased by 42.1%, saw a 52.36% rise in the last month, and soared by 995.61% over the past year.

A recently established wallet transferred 6.27 million

into HyperLiquid and initiated a $504 long order on ZEC. According to Onchain Lens, this action indicates a deliberate accumulation at the current price range. The wallet’s strategy demonstrates optimism for ZEC’s potential recovery or the continuation of its upward momentum, despite the recent price swings.

At the same time, the Privacy Coin market underwent a notable pullback on November 8. ZEC dropped more than 23% from its recent peak of $750 and is now trading at $574, based on HTX market figures. ZEN and

also declined, with ZEN falling 18.65% to $17.03 and DASH decreasing 31.39% to $84. This broad downturn underscores the sector’s vulnerability to momentum changes and the heightened risk of profit-taking after rapid gains.

On-chain data shows a widening gap in ZEC market positioning. The largest short position on HyperLiquid, currently valued at $34.09 million, has consistently increased its collateral to avoid being liquidated. In the last 24 hours, an extra $36.814 million was added, raising the total collateral to over $40 million. The short position was opened at $305.9127, with a liquidation threshold at $1,312.58. This substantial collateralization highlights the high leverage and risk associated with this bearish stance.

Meanwhile, the biggest ZEC long on Hyperliquid has scaled back, reducing its unrealized profit from $12 million to $3 million. The large holder sold 5,000 ZEC in just one hour, signaling a more cautious approach amid increased volatility. These adjustments between long and short positions reflect a market in transition, with both bullish and bearish investors reinforcing their views amid conflicting signals.

Arthur Hayes, BitMEX’s co-founder, has disclosed that

is now his second-largest asset after at his family office, MaelstromFund. This announcement came after ZEC’s dramatic surge of over 400% in the last month, jumping from $137 to above $730. Hayes’s public statement has likely boosted both retail and institutional interest in the privacy-focused coin, even though prices have since pulled back from their highs.