The largest ZEC short seller averaged down and added about $1 million to their short position, bringing the total position size to $4.78 million.

BlockBeats News, March 18, according to Hyperinsight monitoring, last night and this morning, the "largest ZEC short" address (0xd475…) made another move, continuously averaging down and increasing its ZEC short position by about $1.01 million. This position was initially established on March 10.

Currently, the 5x leveraged ZEC short position holds about 17,157 ZEC, equivalent to approximately $4.78 million, with an average opening price of $231.7. The current unrealized loss on the short position is $800,000 (-84%), making it the largest ZEC short on-chain.

This address is known for "persistently shorting" ZEC positions. Previously, it started shorting ZEC from the $184 price level and kept rolling over the position. During this period, it once endured a massive unrealized loss of up to $21 million, but eventually turned the losing position profitable through long-term holding and averaging down. The address currently also holds a $35 million short position on ETH, maintaining an overall bearish stance.