The largest short holder of Zcash (ZEC) has significantly increased its short position by $12.6 million during a recent price rally, according to data from Hyperinsight. The entity has been adding to its short exposure at a rate of approximately 2,000 ZEC per hour, equivalent to around $1 million, until four hours ago. This brings the total short position to $12.6 million, with an average entry price of $461 and an unrealized loss of about $2.4 million. The short position was initially opened on March 10 at approximately $210, near a recent local low. The address, known for its aggressive shorting strategy, first gained attention after opening a ZEC short position at $184 in October last year. Despite facing an unrealized loss of up to $21 million, the holder managed to average down the position to $419 and eventually turned profitable in December. The address involved is 0xd47587702a91731dc1089b5db0932cf820151a91.