Someone is playing a heartbeat game on ZEC, and the stakes are outrageously high.

When ZEC surged past $750, the market was waiting to see when the biggest short position would be liquidated. As a result, the holder at address 0xd475...51A91 withdrew $36.8 million to extend their position, pushing their liquidation price to $1,308 within a day — meaning ZEC would need to rise another 74% for them to be forced out.

Let's look at how crazy this is: they hold a short position of 52,370 ZEC, which is worth about $31.5 million at current prices, with an opening cost of $305.91. Now, they are already facing a floating loss of $15.5 million. Even more intense, the total capital they invested initially exceeds $68 million — betting that ZEC will fall from $750 back below $300. Every 1% increase costs them about $300,000.

Why would they dare to do this? Experienced insiders suggest a few guesses:

Either they have some insider information (regulatory action? a technical bug?), or they plan to dump the market to liquidate long positions, or they’re just gambling recklessly and refuse to admit defeat.

But retail traders should never follow blindly. Opponents of this level can collapse at any moment, and a whale could close their position at any time, triggering a chain reaction of liquidations. The exchange’s liquidation mechanism could also cause significant fluctuations.

Key levels to watch: $800 is a psychological barrier, $1,000 is a technical resistance, and $1,308 is a critical survival line. Also, observe on-chain activity — will this trader continue to add funds? Are new large shorts entering the market? If ZEC cannot hold $800 within three days, the short positions are likely to get a breather.

The stakes in this game have already exceeded a billion dollars. The outcome remains to be seen.