Whale repositions for new trading logic, $40 million bullish on HYPE, ZEC outperforms Bitcoin

September 14th, according to TradingBeats monitoring, smart money lzhao314 recently placed HYPE and ZEC on one side of the trade and BTC and ETH on the other: the former two hold a combined long position of about $20.894 million, while the latter two hold a combined short position of about $20.906 million, with the notional long and short sizes almost equal, totaling over $40 million.

The account positions suggest a relative strength trading logic, using BTC and ETH shorts to partially hedge broad market volatility while betting that the recently outperforming HYPE and ZEC will continue to outperform.

This round of position building began on the evening of September 11th. lzhao314 bought 170,200 HYPE, opening a position worth about $14.005 million; ZEC net long opened 6,500 coins. During the same period, 140 BTC shorts were newly opened, and ETH shorts were expanded to 4,000 coins.

As of press time, the four positions are as follows:

- HYPE long position: value about $13.631 million, unrealized loss about $374,000;

- ZEC long position: value about $7.263 million, unrealized loss about $415,000;

- BTC short position: value about $10.857 million, unrealized gain about $109,000;

- ETH short position: value about $10.049 million, unrealized gain about $142,000.

The four positions total about $41.8 million, with the portfolio showing a net unrealized loss of about $538,000. This bet has not yet paid off. Starting from around the evening of September 11th when position building began, BTC appreciated about 0.57% relative to HYPE; during the same period, BTC appreciated about 0.41% relative to ZEC.

If calculated from after the completion of position building in the early hours of September 12th, the HYPE/BTC ratio fell about 0.80%, and ZEC/BTC fell about 3.44%, with ZEC's relative weakness more pronounced.

In addition, its Polymarket-linked address (TestingThingsOut) still holds about 9,500 "HYPE falls to $20 this year" No, with the current implied probability on the No side at about 95.5%, and no new trades in the past three days.