Recently, I was monitoring on-chain data and found something very interesting.

There is a whale, known within the community as the "steadfast short ZEC," who has entered the market with 2x leverage. The average entry price is $507.66, currently with a floating profit of $41,000. At first glance, this number doesn't seem particularly remarkable, but the story behind it is worth a deep dive.

What’s even more eye-catching is—this guy has shorted seven times and has never taken a long position. His total losses have reached $508,000. Judging by this record, anyone would want to laugh at his stubbornness. But my understanding is different.

This is not retail gambling; it’s a clear signal: whales are using real money to "test the waters," waiting for an inevitable turning point.

On-chain data doesn’t lie:

**First, they keep stopping out but don’t exit.** What does this mean? It shows they have unwavering confidence in their judgment. Stop-losses are just standard risk control measures, not a change of mind.

**Second, they are resolutely not going long.** This indicates they have completely ruled out a rebound and are solely waiting for a major decline.

**Third, they focus on privacy coins like ZEC.** These assets tend to have relatively concentrated liquidity, and large players’ actions can easily create ripples. The whale probably chose it because they sensed potential negative signals from the project side or regulatory authorities early on.

My straightforward conclusion: **When a whale loses seven times to set the path, the eighth time often marks the start of an accelerated trend.** Don’t forget, the market always turns at the moment when everyone’s patience has been exhausted. Every loss they incur is actually confirming a major trend.

Therefore, I maintain a mid-term bearish outlook on ZEC. This isn’t blind follow-the-leader; it’s a conclusion built on on-chain behavioral analysis combined with market psychology. The real trading opportunities are often hidden where others can’t see.

Keep a close eye on this address—it might reveal the truth earlier than any research report.