Trader loses $2.8M on 10x long as $ZEC drops below $1,000

Trader 0x8742 previously went long on 18,000 ZEC with 10x leverage, holding a position valued at around $17.63 million. The trader is currently facing an unrealized loss of over $2.8 million, with an estimated liquidation price of $895.46.

According to Bitget market data, the Hang Seng Index (HSI) and Hang Seng Tech Index (HSTECH) opened lower and trended downward today. They attempted to rally in the morning session but lacked upward momentum, with losses widening in the afternoon. By the close, the HSI fell 0.98% to 24,315.92 points, while the HSTECH dropped 1.41% to 4,027.06 points. Trading volume on the HSI market reached HK$180.749 billion, compared with HK$178.175 billion in the previous trading session. In terms of individual stocks, MINIMAX-W (00100.HK) rose 4.04%, and Zhipu (02513.HK) gained 3.73%.

CryptoQuant certified author Axel Adler Jr. published a report stating that U.S. spot Bitcoin ETFs have recorded a cumulative net outflow of $969 million over the past five trading days, with related fund flow indicators declining by $766 million over the past week. Only 15% of trading days in the past year have seen this indicator at or below the current level, reflecting a clear weakening in fund demand. Meanwhile, the Coinbase Premium Index has stayed negative for 70 consecutive days, currently standing at -0.14%—one of the lower levels in the past year, indicating sluggish demand in the U.S. spot market. The combined pressure from ETF outflows and weak U.S. spot demand is weighing on the Bitcoin market, with both indicators suggesting the market may continue its correction. If ETF fund flows shift back to net inflows and the Coinbase Premium Index rises above zero, it will signal an improvement in demand.

According to Reuters, Deutsche Bank announced today that its digital asset custody service has officially launched and is now available to paying clients. The service, first unveiled in September this year, primarily targets European institutional and corporate clients, supporting the safekeeping and storage of digital assets such as Bitcoin and Ethereum. Paul Maley, Head of Global Trust and Securities Services at Deutsche Bank, stated that the bank’s medium-term goal is to build a fully integrated, regulated ecosystem encompassing digital asset custody, tokenization, and settlement services. The bank previously told Reuters that it plans to expand the relevant services to Asia. Additionally, Deutsche Bank has signed a memorandum of understanding (MoU) with its majority-owned asset management firm DWS, and the two sides will explore comprehensive business and technology cooperation opportunities in the digital asset sector.

ZEC suffered a sharp drop on Hyperliquid, falling from $1199.20 last night to $965.79 this afternoon, a range decline of roughly 19.5%. As of press time, it is trading at $987, with a 24-hour drop of around 14.7%. The sharp market plunge has completely wiped out the long positions of large capital holders. Among the 32 ZEC long addresses holding over $1 million across the market, 27 are now in unrealized losses, accounting for a staggering 84.4%, with total unrealized losses of approximately $23.74 million. These 27 trapped whales hold a total of around 122,600 ZEC, worth about $121 million, making up 90.2% of the whale group’s total long positions and nearly 30% (29.5%) of Hyperliquid’s total open interest (OI) for ZEC perpetual contracts in the same period. The weighted average entry price of these 32 addresses is $1127.26, and the current price is roughly 12.5% below the overall cost line. Among them, the address with the largest unrealized loss, 0xc36a, holds around 13,500 ZEC long positions at an average price of $1229.96, with current unrealized losses of about $3.27 million, and its liquidation price stands at $894.23. Additionally, some diamond hands accounts have been repeatedly liquidated: Address 0x8f74 was forced to close all its 567 long positions this morning, suffering a loss of around $112,500. Meanwhile, address 0xb200 was liquidated three times in the past 24 hours, totaling 324 positions.

Per official announcements, the Openτensor Foundation has launched Gamma Tokens, the native payment system for the Bittensor AI economy. Going forward, users and AI agents can directly access and pay for services across subnets using Bittensor wallets, eliminating the need to register separate accounts or apply for API keys for each subnet.