Garret Bullish exits 38K ZEC ($58M) short, lifting price to $1,530 and pushing Hyperliquid funding above 170% annualized
AI Market Summary
A large trader's rapid market-order buyback to close a 38K ZEC short (~$58M) lifted price ~2.7% and drove Hyperliquid funding above 170% annualized, signaling acute short-covering pressure and stressed positioning in perp markets. The reported $35M loss without spot selling implies the move was derivatives-driven, heightening near-term volatility and liquidity sensitivity in ZEC on leveraged venues.
Impact level
● Medium
Affected assets
ZEC/USDT-3.79%
AI Insight · ZEC/USDTAI Insight
▲ Bullish
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Large trader Garret Bullish closed his entire 38,000 ZEC short position, with a notional value of about $58M, over the past 1.5 hours using market orders. The move pushed ZEC’s price from $1,490 to $1,530 (+2.7%) and drove ZEC funding on Hyperliquid above 170% annualized. He said the trade was a partial hedge, but the short position posted a $35M loss without selling any spot holdings. He still holds a long position of 1,333 BTC worth about $108M on Hyperliquid.
