A Zcash whale is at risk of liquidation after placing a $19.68 million leveraged long position on Hyperliquid. The position, involving 36,875 ZEC with 10x leverage, is under pressure as ZEC trades near the whale's liquidation level of approximately $494. Current market conditions have pushed ZEC close to $525, leaving the position vulnerable to further declines. The trade has drawn significant attention due to its size and timing, coinciding with increased interest in privacy-focused cryptocurrencies. Institutional interest, including potential Grayscale ETF plans, has bolstered market optimism around Zcash. However, the whale's leveraged position remains precarious, with traders closely monitoring whether key support levels can hold to prevent forced liquidation and potential market instability.