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Recently, there has been significant activity in the crypto world. The performance of ZEC on the Hyperliquid platform has attracted particular attention—just today, 11 new large positions worth millions of dollars have been opened, a clear acceleration compared to the 9 in the entire previous month.
Looking at the data, the scale is astonishing. At 5 a.m., four seasoned traders almost simultaneously bought long positions at the same price point, injecting a total of $7.48 million. One of them has a special identity; on-chain records show he is the founder of Hyperfun. He used 10x leverage, opening a single long position close to $4 million. This trading style indicates one thing—these institutional players, holding large funds and controlling market rhythm, are betting with real money that ZEC will rise next.
Interestingly, the cost basis for these big players is around $446. Looking at the chart, this price is right at a key technical support level, just a hair away from the current quote of $446.82. It appears that this price zone is the most intense battleground between bulls and bears.
From the 4-hour chart, ZEC's trading volume is indeed increasing, and various indicators are entering a relatively strong zone, suggesting that the bulls currently hold the upper hand. However, the future movement still depends on the upcoming performance.