A 9% drop in Zcash (ZEC) left one trader with a $3.26 million unrealized loss on an open spot holding, distinguishing that paper loss from a separately closed contract trade.
The $3.26 million figure applies to the spot position. Because the tokens remain unsold, that loss has not been realized.
A separate position was a long ZEC contract on Hyperliquid, a crypto trading venue; the contract later closed.
The spot balance reached 25,002 ZEC after purchases across four days, at a total cost of 31.78 million USD Coin (USDC). The average purchase price was $1,271 per coin.
Both positions gave the trader exposure to a rise in ZEC, so the decline worked against the contract and reduced the spot holding's value.
The spot holding remained open after the decline; the separate Hyperliquid position had ended.
