Recent fluctuations in the cryptocurrency market have led to significant losses for major investors, particularly two whales holding short positions in NEAR. The aggregate unrealized losses for these entities have reached nearly $25.89 million due to a sharp price increase in NEAR.

One prominent whale, identified by its address beginning with 0xfe7c, holds approximately 4.32 million NEAR tokens at an average cost of $2.55. As NEAR’s price rose, this whale’s unrealized losses surged to about $12.44 million. On September 26, the whale closed a portion of its positions, liquidating around 771,700 NEAR and realizing a loss of approximately $1.77 million.

Another whale, with an address starting with 0xdd53, has similar holdings, maintaining a short position of approximately 4.31 million NEAR at an average price of $2.31. This entity is facing larger unrealized losses, estimated at $13.45 million. Since September 24, it has closed merely 5,293 NEAR short positions, suggesting a strategy of retaining most of its investments despite impending losses.

In addition to NEAR, this whale has also been liquidating positions in Zcash (ZEC). Recent transactions resulted in a realized loss of around $238,100, coupled with unrealized losses in remaining ZEC positions totaling roughly $9.23 million.

These developments underscore the inherent volatility in cryptocurrency investing and the significant risks associated with short selling in a rapidly changing market.