"ZEC's largest short" closes nearly 80% of ETH short positions, with weekly profits reaching $15.5 million

BlockBeats News, February 2 — According to Coinbob’s popular address monitoring, the “ZEC Largest Short” has been actively taking profits on its ETH short positions from February 1 to 2, reducing its holdings by over $40 million. Its ETH short position has rapidly decreased from approximately $57 million to $9.5 million, a reduction of nearly 80%. Currently, this position has an unrealized profit of about $4.2 million (662%), with an average entry price of $3,235. This week, the address has accumulated a total profit of $15.5 million, previously being one of the largest on-chain ETH shorts.

This address is known for establishing large-scale short positions on ZEC, having started shorting ZEC at $184, during which it experienced an unrealized loss of $21 million, but later successfully turned the position into a profit. It still holds short positions in ETH, ZEC, and other assets, and this consecutive profit-taking may be an active move to realize gains.