BlockBeats report, February 24: According to Coinbob Popular Address Monitoring, "Loracle, an early contributor to Hyperliquid," established a large long position in ZEC with 10x leverage on February 15, attempting to buy the dip. At its peak, the position reached $8.5 million at an average price of $312, making it the largest long position in ZEC on-chain.
Ten days later, ZEC is currently trading at $237, and the loss on this position has expanded to 316%. Facing massive unrealized losses, this address began cutting positions and exiting long ZEC positions last night and early this morning. As of now, its position size has sharply declined to $1.14 million and continues to be reduced as of press time.
Loracle (X: loraclexyz), formerly known as Laurent Zeimes, is active in the Hyperliquid ecosystem and regarded as one of its early contributors; he is the founder of Hypurrfun and has recently been active in the Hyperliquid futures market.