A significant deleveraging event involving a large Zcash (ZEC) whale on the Hyperliquid platform has led to a dramatic reduction in profits. This move has had a ripple effect across the market, impacting leveraged products and short-term price volatility. 0x96e, known as the ‘Precision Positioning ZEC Whale’, is primarily attributed to this activity. Their substantial long position was reduced considerably, causing significant shifts in liquidity and market momentum. Open interest and momentum reversed sharply following these developments, highlighting the risks associated with high leverage. The event serves as a cautionary tale for those engaged in leveraged crypto trading.