#以太坊行情技术解读 Just checked the on-chain data of Hyperliquid, and it's really interesting. The largest short position on ZEC was liquidated within two hours, with over $3.6 million in positions closed out. From the 12th until now, total liquidation has exceeded $6 million. There are still $18.2 million in short positions remaining, with an unrealized loss of $560,000 — this trading rhythm is worth analyzing.

This address's background is not simple. It is short on both ETH and MON, making it the biggest short position holder for these two tokens. The unrealized profit on ETH shorts has already reached $8.15 million, which is quite substantial. Looking at the longer timeline, short positions on ZEC started around October 10th, with an opening price near $184, and then continued to add to the position to average down the cost. During mid-October, unrealized losses surged to $21 million, which was a tough situation. But now? It’s beginning to strategically reduce the position.

The signals here are quite clear: large position changes often reflect the market's true expectations. The fact that the ZEC shorts are starting to unwind suggests that the previous bearish consensus may be loosening, and the possibility of a short-term rebound is increasing. Conversely, ETH shorts are still profitable — indicating ongoing pressure on ETH and serving as a warning that profit-taking by big players could trigger sharp volatility.

On-chain data never lies. All these changes — from deep unrealized losses to partial exits — are likely driven by smart money reassessing the risk-reward ratio. The $ETH market still requires close monitoring of these whales’ movements; data will speak for itself.