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During the closure of a ~38,000 ZEC short at a loss above $35M, ZEC rose about 2.7% from $1,490 to $1,530 in roughly 1.5 hours. Yet the reported ~202,000 ZEC spot position was left intact, making this look less like clean bearish capitulation than a hedge being removed. With NU7 approaching and funding elevated, positioning may drive the next move more than fundamentals in the near term. #ZEC38KShortClosed