ZEC Drops 9% as Whale Loses $5.84 Million on Long Positions in Both Spot and Futures Markets

ZEC fell roughly 9% to $1,140.24 on November 3, per on-chain analyst EmberCN (@EmberCN), leaving a whale that had gone long on the token in both spot and perpetual markets with combined losses of about $5.84 million. On the spot side, the whale spent 31.78 million USDT over the past four days buying 25,002 ZEC at an average price of roughly $1,271, leaving an unrealized loss of about $3.26 million. On the derivatives side, the whale opened an 18,910 ZEC long on Hyperliquid at $1,378; after ZEC broke below $1,200 early today, the entire position was stopped out for a loss of about $2.58 million. The episode highlights how concentrated leveraged longs in ZEC are being flushed as the token pulls back from higher levels. Watch whether ZEC holds the $1,100–$1,200 zone and whether further whale stop-outs add selling pressure.