Major ZEC Short Address Closes Nearly 80% of ETH Shorts, Weekly Profit Reaches $15.5M

An address known as the "largest ZEC short" cut its ETH short exposure from about $57M to $9.5M between Feb. 1 and Feb. 2, realizing over $40M in reductions, Coinbob hot address data show. The remaining ETH short position shows an unrealized profit of roughly $4.2M with a 662% return and an average price of $3,235, bringing the address's total weekly profit to $15.5M. The address previously built a sizeable ZEC short starting around $184, at one point sitting on a $21M unrealized loss before turning profitable, and still holds short positions in ETH, ZEC and other assets.