A whale generated about $7.5 million in unrealized gains from two leveraged positions opened less than ninety-six hours earlier. The positions were a long on 36,875 ZEC valued around $24.15 million and a concurrent long on 287,618 HYPE valued around $20.94 million. Both tokens rose sharply during the week. ZEC surged more than 30% to a fresh 2026 high after the SEC closed its investigation into the Zcash Foundation without recommending enforcement action, removing regulatory uncertainty. HYPE rose to an all-time high near $63 after a Bitwise HYPE ETF launch and continued accumulation tied to a16z-linked wallets. Instead of closing, the trader redeployed capital into a 25x leveraged ETH long with $38.63 million notional exposure, where roughly a 4% adverse move can trigger automatic liquidation.
"On May 22, a high-conviction trader (called Evaded) generated over $7.5 million in unrealized gains from two positions opened less than ninety-six hours ago. His long on 36,875 ZEC, valued at $24.15 million, and a concurrent long on 287,618 HYPE, valued at $20.94 million, have both moved sharply in his favor as both tokens surged this week. Rather than closing the trades and cashing in the gains, Evaded immediately redeployed the capital, opening a 25x leveraged long on 18,100 ether ( ETH) worth $38.63 million in notional exposure."
"The ZEC leg caught a significant tailwind as the privacy-focused cryptocurrency, known for its shielded transaction technology, surged over 30% to a fresh 2026 high in early May after the U.S. Securities and Exchange Commission (SEC) closed its investigation into the Zcash Foundation without recommending enforcement action. The ruling resolved years of regulatory uncertainty that had weighed on the token and pushed ZEC's monthly returns past 100%, erasing all of its year-to-date losses in a single session."
"Similarly, the HYPE leg rode an equally powerful trend with Hyperliquid's native token hitting an all-time high near $63 on May 21, lifted by the May 12 launch of a Bitwise HYPE exchange-traded fund (ETF) and by sustained accumulation from wallets linked to venture capital firm a16z. Doubling Down With A $38.6M Leveraged ETH Bet The new ETH trade carries 25x leverage, meaning a move of approximately 4% against the position is enough to trigger automatic liquidation."
"At that ratio, the margin of error is narrow, with a brief flash crash or a sharp ether selloff potentially closing the position before it"
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