ZEC has surged by 55.85% over the past month as large investors engage in short selling while institutions are making purchases

ZEC Climbs 55.85% in a Month as Whales Short and Institutions Accumulate

As of November 19, 2025,

was priced at $621.6, marking a 0.85% uptick in the past day, a 3.61% rise over the last week, and an impressive 55.85% jump in the previous month. Over the past year, ZEC has soared by 1020.67%. This surge aligns with notable on-chain developments, including heavy shorting by large holders and sustained accumulation by institutional investors.

Major Whale Shorting ZEC

Blockchain data shows a significant short position on ZEC from a major whale address (0x7b7). After previously being liquidated for $97 million on a BTC short, this address re-entered the ZEC market with a new short on November 18. The position is still open, showing an unrealized gain of about $2.4 million (134%), with current exposure valued near $19 million.

This whale entered the trade at an average price between $661 and $666, with a liquidation threshold around $683. With ZEC now at $655, the trade is currently in profit but remains vulnerable to price changes. The address is associated with well-known gaming sites such as Roobet and Stake.com, and has a record of high-risk moves, including a $7 million transfer to Hyperliquid earlier this month.

Several Whales at Risk of Liquidation

Recent monitoring shows three additional large ZEC positions, each around $20 million, were opened on Hyperliquid in the last session. These trades have average entry prices from $621 to $661 and face liquidation if prices hit between $653 and $655. The existence of multiple sizable short positions points to persistent bearish sentiment, even as ZEC’s price has recently climbed.

Meanwhile, the largest ZEC short on Hyperliquid, controlled by address 0xd47, is gradually reducing its exposure via stop-loss orders. This short, started on October 10 at $184 per ZEC, has grown to $35.34 million from a previous $43.2 million. The unrealized loss stands at $14.61 million (206%), with funding fees alone accounting for $536,000 in realized losses.

Cypherpunk Technologies Increases ZEC Holdings

While whales have been betting against ZEC, institutional buying has provided upward pressure. On November 18, Cypherpunk Technologies Inc. (Nasdaq: CYPH) disclosed it had acquired another 29,869.29 ZEC at an average price of $602.63 each, totaling $18 million. This follows earlier purchases totaling $50 million, bringing Cypherpunk’s ZEC holdings to 233,644.56 coins, or 1.43% of the total supply.

Cypherpunk, which specializes in digital privacy and personal sovereignty, regards

as a vital part of its asset portfolio. The company aims to eventually hold at least 5% of ZEC’s total supply. With the latest purchase, its average acquisition cost is now $291.04 per ZEC, well under the current market value. Cypherpunk has also strengthened its board with seasoned investors like Will McEvoy from Winklevoss Capital to help steer its treasury management.

Market Dynamics and Strategic Moves

The interplay between aggressive whale shorting and institutional accumulation by Cypherpunk highlights a volatile and evolving market for ZEC. While short sellers are active and face possible liquidations, institutional investors are reinforcing the asset’s fundamentals with a long-term perspective.

With ZEC maintaining its upward momentum over both monthly and yearly periods, traders are watching whale activity and institutional strategies for clues on the next market direction.