An anonymous investor built a position worth about $14 million in Zcash (ZEC), splitting the capital between the spot market and Hyperliquid. They bought 3,052 ZEC on the spot market for about $3.8 million and then opened a 2x leveraged long position on 8,000 ZEC, with 3,000 verifiable on Hyperliquid. The derivatives position recorded a paper loss exceeding $1.8 million at its peak, now reduced to $249,388, and would only be liquidated if Zcash fell to $647.67. The investment is betting on the NU7 upgrade scheduled for November 5, which will reduce block time from 75 to 25 seconds and triple network throughput, as well as on the launch of the network sustainability mechanism and the replacement of the Sprout pool with the shielded Orchard architecture. The market is divided between expectations of a rise supported by inflows into the Grayscale Zcash Trust and fears of selling after the upgrade takes effect.
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