ZHIPU’s sharp drop has left its largest long position holder with an unrealized loss of $1.04 million, as their holdings account for nearly 30% of the market’s total bullish positions.

Per TradingBeats monitoring, the largest ZHIPU long holder on Hyperliquid (address: 0x8b3) currently holds ~74,200 ZHIPU long contracts, worth roughly $6.21 million, with an average entry price of ~$97.73 and an unrealized loss of around $1.04 million — making it the ZHIPU whale with the biggest unrealized loss right now. Over the same period, the unilateral open interest of ZHIPU contracts stands at ~273,300, with this address accounting for ~27.1% of the entire market’s long positions. The address has been expanding its long exposure consistently during the current price slump. After briefly booking losses on September 17, it continued to buy ZHIPU at $94–$94.98 between September 18 and 20, adding ~$2.88 million in long positions total, lifting its holdings from ~43,600 contracts to 74,200 — a 70% increase. With ZHIPU falling further to ~$83.7, this batch of new positions alone has incurred an unrealized loss of ~$320,000. Prior to this, the whale made a similar counter-directional position-increasing move on another large altcoin long, and was also the largest unrealized loss long holder of PONS. On September 10, it held ~$4.257 million in PONS long positions at an average price of ~$0.8598, with an unrealized loss of ~$1.701 million. It continued to add roughly $1 million in positions while the position was in the red, and has now fully stopped out.