Abraxas Capital: ZEC Shorts Yield $34.98M Profit

Abraxas Capital two Hyperliquid addresses sit on $34.98 million unrealized profit from ZEC shorts after the token fell below $1000, while the same addresses carry $118 million in total open-position gains.

ZEC trades at $988.7 inside the Bollinger band on the 4h chart with the lower support at $968.4. The EMA50 at $1195.33 and EMA200 at $1261.47 act as stacked resistance overhead while RSI at 20.87 signals deep oversold conditions and MACD prints a fresh death cross at -66.23. Price action therefore tests the lower band edge with momentum exhausted, suggesting any bounce would likely stall at the 50-EMA before the next leg lower resumes.