Noticed an interesting phenomenon while watching the market today: that big ZEC short on Hyperliquid has made another move.

This time, he directly threw in $1.72 million to add to his position, but here's the issue—his unrealized profit shrank from $3.3 million to just $300,000. Clearly, this ZEC rebound was stronger than expected, and the short side is under obvious pressure.

However, this guy didn't throw in the towel and close his position. Instead, he kept shorting and pushed his average entry price down to $41.2. What does this mean? Either he’s extremely bearish on the market going forward, or he’s in so deep that he can’t get out.

From a technical perspective, the 1-hour ZEC chart is still in a downtrend channel, but the MACD lines are showing a bullish crossover below the zero line—which usually signals a short-term technical rebound.

My view is:
There might be a pump tonight, but don’t rush to chase it. The rebound probably won’t reach 548, and even 422 might be a tough resistance. After that, it’s likely to reverse downward, because the big short needs to keep building his position at relatively high levels to maximize profit when the price drops later.

If you went long around 360 and are now stuck, don’t panic. Here are two ideas for you:

1. When the price rebounds to around 422, consider cutting half your position to lower your average cost.
2. If the price keeps rising but volume drops, that’s a classic bull trap signal—exit decisively.

Remember: being stuck in a position isn’t the end, it’s a chance to re-examine your trading logic. There’s always another opportunity to enter the market, but if your capital is gone, it’s really gone.