Top Traders Report - June '26#
Introduction#
June was a down month across the major crypto perps in this report, with every benchmark asset finishing lower. $ETH was the weakest at about -21.0%, then $BTC at roughly -19.2%. The relative-strength names were $SOL, which finished around -10.2%, and $HYPE, which stayed close to it and closed down roughly -11%. The path was choppy. Prices slid through the first two weeks, bounced hard around June 14 and 15 in a move that pushed $HYPE back toward flat, then drifted lower into month end.
This month Mirrorly’s top 3 traders are:
🏆 Atomic Jaguar (Hyperliquid): +$581k
🥈 Crystal Tasmanian (Hyperliquid): +$558k
🥉 Phantom Yak (Hyperliquid): +$553k
Atomic Jaguar led June with $581k in profit across 19 closed positions, executing 9k trades inside them, the heaviest intra-position scaling of the three. He posted the strongest win rate in the group at 84.2%, yet his average loss of about $154.4K ran more than twice his average win of $65.3K. The high hit rate still produced a profit factor of 2.26 and the best Sharpe ratio in the table at 0.21. He also held the longest, and he kept losers on longer than winners, 8 days 5 hours against 5 days 14 hours.
Crystal Tasmanian finished second with $558k in profit across 34 closed positions and just 578 trades, the most discrete positioning of the group. He ran the lowest win rate at 41.2%, but his average win of $134.3K came to roughly twice his average loss of $66.1K. That asymmetry, plus tight drawdown control, gave him the strongest average profit-to-drawdown ratio in the table at 2.28, even with the lowest profit factor at 1.42. He cut losers fast, holding them about 4 hours against about 11 hours for winners.
Phantom Yak generated $553k across 33 closed positions and 1.2k trades. He won 63.6% of positions, with an average win of $44.1K against an average loss of $31.1K, a payoff ratio of about 1.4. That balance gave him the highest profit factor of the group at 2.48. His holds sat between the other two, winners about 2 days and losers about 17 hours.
Trader Spotlight: Atomic Jaguar#
Notional Exposure and PnL#
Atomic Jaguar ran a net-short book for most of the month, in two short campaigns around a flat middle. He opened June already short and deepened exposure to roughly -$7.5M by June 4 and 5, with cumulative PnL underwater and bottoming near -$1M. He then covered and flipped long, to about +$2M, into June 6 and 7 as PnL recovered toward breakeven. Through June 7 to 14 his net exposure sat close to neutral and PnL held flat near +$50-100K.
He rebuilt shorts in the second half, with exposure reaching about -$5.5M around June 16 and 17 and a brief PnL drawdown to roughly -$400K on the mid-month bounce. From June 18 the book worked in his favor, and cumulative PnL rose in steps to peak near +$580K by month end. He booked most of his profit in the final ten days.
Positions PnL by Symbol#
Atomic Jaguar traded seven symbols: $BTC, $ETH, $HYPE, $AERO, $XPL, $NEAR, and $ZEC. His largest winner was a $ETH short carried from mid-May into early June, which paid as $ETH fell. His $HYPE trades ran both ways, a losing short into June 3 and then profitable long re-entries, while his $BTC positions clustered in the final week.
Total PnL by Symbol#
$ETH led at about +$372K, then $BTC at roughly +$181K. The two carried close to 95% of the month’s realized gains. Smaller positives came from $XPL (+$29K), $AERO (+$22K), and $NEAR (+$159). Only two symbols finished negative, both minor, $HYPE at about -$4K and $ZEC at about -$19K.
PnL Distribution#
Atomic Jaguar’s distribution skewed positive but carried one heavy left tail. His median closed position sat near breakeven, and the middle cluster fell between roughly $0 and +$50K. The 17 positions inside the P1 to P99 range (+$330k and -$363k) produced +$648k, while the two positions outside it netted -$67k, as a single loss near -$438K edged out his top winner near +$372K. His 84% win rate carried the month, and that one large loser explains the elevated average loss of $154.4K.
Trader Spotlight: Crystal Tasmanian#
Notional Exposure and PnL#
Crystal Tasmanian ran a long book nearly all month, in discrete bursts rather than one continuous position, with notionals cycling into the +$5M to +$10M range. The exception was a brief short at the start of June that reached roughly -$12M and coincided with an early loss. The first half was a grind lower, with cumulative PnL drawing down to a trough near -$650K around June 11 and 12.
The book turned from June 13. PnL crossed breakeven mid-month and rose to about +$600K by June 17 and 18, then peaked near +$620K around June 21. He gave back to roughly +$380K into the final week, then closed near +$558K after a late gain on June 30. He made the whole month back in one mid-month window after a deep first-half drawdown.
Positions PnL by Symbol#
Crystal Tasmanian concentrated on $HYPE, which carried the most positions and held both his largest winners and several losers. He also traded $BTC, which stayed on the losing side, along with $ETH, $LIT, $SOL, and $ZEC. His winners clustered in the June 11 to 18 recovery window.
Total PnL by Symbol#
$HYPE drove the month at about +$648K, then $ZEC at roughly +$282K and $SOL at +$48K, with $ETH (+$2K) and $LIT (+$530) near flat. $BTC was the one real drag at approximately -$421K. It absorbed most of the first-half drawdown before his $HYPE and $ZEC longs recovered the month.
PnL Distribution#
Crystal Tasmanian’s top end skewed positive despite a sub-50% win rate. His median closed position sat at -$7k, and the middle of the book ran from moderate losses to small gains. The 32 positions inside the P1 to P99 range (+$460k and -$188k) produced +$262k, while the two outside it added +$296k, on two large winners near +$485K and +$410K. His 41% win rate and $134.3K average win fit the pattern of many small losers paid for by a few large wins.
Trader Spotlight: Phantom Yak#
Notional Exposure and PnL#
Phantom Yak ran a net-short book. He built short exposure from the open, reaching roughly -$10M by June 10 and as deep as about -$15-20M net around June 12 and 13, with only small long bursts early on. His shorts paid as majors fell, and cumulative PnL rose to a peak near +$2M by June 11 and 12.
The mid-month bounce then wiped out most of that gain. PnL round-tripped lower through June 14 to 20, reaching a trough near -$300K as the rally squeezed his shorts. A late short campaign around June 24 to 26 recovered the position, with PnL back to roughly +$900K before settling at +$553K. His was the most volatile equity curve of the three, a big mid-month give-back followed by a late recovery.
Positions PnL by Symbol#
Phantom Yak traded mainly from the short side across $BTC, $ETH, $HYPE, $SOL, $SUI, $XRP, and $ZEC. His standouts were a large $ZEC winner early in the month and a sustained $SOL short that ran into late June. $HYPE was two-sided and finished as his only losing symbol.
Total PnL by Symbol#
$ZEC was the top contributor at about +$396K, then $SOL at roughly +$165K and $ETH at +$42K, with $BTC (+$23K), $XRP (+$529), and $SUI (+$298) small positives. $HYPE was the only loser at approximately -$73K. $ZEC and $SOL together covered more than the entire monthly result.
PnL Distribution#
Phantom Yak’s distribution skewed positive with a near-breakeven median of +$529, in line with his 63.6% win rate. The 31 positions inside the P1 to P99 range (+$327k and -$146k) produced +$332k, while the two outside it netted +$222k, as a single winner near +$418K (his $ZEC trade) outweighed a loss near -$196K. Most positions were small and sat near zero, and one outsized $ZEC winner formed the upper tail.
Case Study - Phantom Yak's Zcash Short Into the Orchard Bug#
As noted in his spotlight, Phantom Yak ran a net-short book, and two symbols carried the month: $ZEC at about +$396K and $SOL at +$165K. Plotting his positions over price shows how he worked them. On $SOL he scaled a long through the second half of June and rode the recovery for +$133K on the final leg. On $ETH he took a string of small shorts and longs around the early-June decline for a net +$42K. But the trade that defined his month was on $ZEC, and its timing was the point.
Phantom Yak opened a $ZEC short on June 3 near an average of $610, at the top of the range, and added to it as the network stalled, taking peak notional to roughly $1.5M. The setup was not a guess on price. It lined up with an emergency on the Zcash network that the broader market only priced a day later.
Behind the scenes, Zcash developers were part way through a coordinated emergency fix. A soft fork on June 2 disabled Orchard shielded-pool actions across the network, and an NU6.2 hard fork on June 3 re-enabled the pool with a corrected circuit (Crypto Briefing). To anyone watching block explorers, the chain looked frozen, with no new blocks for hours, and early voices wrote it off as outdated nodes rather than a real halt.
On June 4 the reason went public. Shielded Labs disclosed a soundness flaw in the Orchard circuit that could have allowed undetectable counterfeit $ZEC, a bug that had sat in the protocol since its 2022 launch. The team said it caught no exploitation and found no unauthorized supply, but the disclosure turned the June 3 confusion into a question about the coin's supply integrity. In about 24 hours, $ZEC dropped from near $600 toward $300.
Phantom Yak was short into all of it. He held through the block-explorer panic and the disclosure, then covered the majority of the position on June 5 for about +$418K in realized PnL. He gave a little back afterward. Two small $ZEC re-entries lost about -$9K and -$15K as price chopped in the high $400s, trimming the symbol total to +$396K.
The takeaway is about sizing and exit more than the call itself. Phantom Yak built the position fast into a specific catalyst, sized it to roughly $1.5M notional at the peak, then booked profit into the crash: he opened while the market still read a network emergency as a glitch and closed once the news was priced.
Conclusion#
June rewarded traders who leaned against a falling market. All three leaders finished within about $30K of each other, and each got there a different way. Atomic Jaguar shorted majors and rode a $ETH short carried from May. Crystal Tasmanian sat through a deep first-half drawdown before his $HYPE and $ZEC longs recovered the month. Phantom Yak read the Zcash network emergency early and turned a single short into most of his result.
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