Whale's Portfolio Pivot: From ZEC Long Liquidation to Multi-Asset Short Exposure

An on-chain trader tracked by Lookonchain made a significant strategic shift within hours. The address 0x152e recently exited its ZEC long position, booking a $846,000 loss as the market recovered. Rather than stepping back, the trader rapidly deployed fresh capital across leveraged short and long bets.

The ZEC Exit and Immediate Redeployment

The address unwound its Zcash (ZEC) long holdings yesterday and immediately capitalized on the price recovery that followed. Within just 40 minutes, the trader initiated an aggressive short position on ZEC, betting 4,574.87 tokens with 5x leverage—a notional exposure of approximately $2.66 million. At current ZEC pricing around $408.89, this short strategy reflects a bearish conviction despite the recent upward price action.

A Simultaneous Bitcoin Bet

Parallel to the ZEC short trade, the same address went long on Bitcoin with significantly higher leverage. The trader accumulated 367.36 BTC using 20x leverage, representing roughly $31.63 million in notional value at current BTC levels near $91.84K. This contrasts sharply with the ZEC short positioning, suggesting the trader views these assets through fundamentally different risk-reward lenses.

Reading the Market Signal

The 0x152e address’s moves paint a picture of tactical repositioning rather than capitulation. Despite absorbing nearly $1 million in losses on the prior ZEC trade, the trader doubled down on leveraged exposure—increasing the short position’s leverage intensity while maintaining substantial bullish exposure through Bitcoin. This pattern suggests sophisticated risk management coupled with strong conviction on directional views.

The deployment of 20x leverage on Bitcoin against 5x on ZEC shorts indicates asymmetric positioning, with greater upside conviction on Bitcoin than downside conviction on ZEC, despite the larger absolute dollar bet going to the short position.