The same trader who made $11.24 million shorting ZEC after June's selloff just gave back more than triple that on the next attempt. That's the actual arc here, not just today's number.
Garrett Jin, former BitForex CEO, rebuilt his ZEC short in June with an initial 11,780 ZEC position worth about $4.92 million, then kept adding as Zcash climbed, eventually growing it to around 40,000 ZEC before closing 38,000 of it today via market orders over roughly 90 minutes. The exit itself briefly pushed ZEC up 2.7%, from $1,490 to $1,530, and spiked Hyperliquid's funding rate above 170% annualized in the process. Reported loss figures vary slightly by source, $35.44 million per Lookonchain and TechFlow, $36.13 million per Phemex, worth noting that spread rather than picking one number as precise to the dollar.
Context matters here. ZEC is up roughly 178% over the past month, and Zcash ETFs pulled in $98.2 million last week alone, the most of any of the 14 products in that category. Jin wasn't the only short holder getting run over either, per BeInCrypto, other tracked wallets were sitting $10 to $12 million underwater on smaller ZEC shorts around the same window. Jin still holds 202,078 ZEC in spot, worth roughly $309 million, with an estimated $221 million unrealized profit on that position, alongside a separate 1,330 BTC long worth about $107.77 million.
My honest read: the realized loss on the short doesn't erase what's still a massive net position in his favor overall, this reads as one specific trade going badly wrong inside a portfolio that's still deeply profitable.
What I'm watching: whether Jin re-enters a ZEC short at a new level, given his track record of doing exactly that after past losses, or steps back from the position entirely.
$ZEC #BTC Price Analysis# #Macro Insights# #BNBChain#
Garrett Jin, former BitForex CEO, rebuilt his ZEC short in June with an initial 11,780 ZEC position worth about $4.92 million, then kept adding as Zcash climbed, eventually growing it to around 40,000 ZEC before closing 38,000 of it today via market orders over roughly 90 minutes. The exit itself briefly pushed ZEC up 2.7%, from $1,490 to $1,530, and spiked Hyperliquid's funding rate above 170% annualized in the process. Reported loss figures vary slightly by source, $35.44 million per Lookonchain and TechFlow, $36.13 million per Phemex, worth noting that spread rather than picking one number as precise to the dollar.
Context matters here. ZEC is up roughly 178% over the past month, and Zcash ETFs pulled in $98.2 million last week alone, the most of any of the 14 products in that category. Jin wasn't the only short holder getting run over either, per BeInCrypto, other tracked wallets were sitting $10 to $12 million underwater on smaller ZEC shorts around the same window. Jin still holds 202,078 ZEC in spot, worth roughly $309 million, with an estimated $221 million unrealized profit on that position, alongside a separate 1,330 BTC long worth about $107.77 million.
My honest read: the realized loss on the short doesn't erase what's still a massive net position in his favor overall, this reads as one specific trade going badly wrong inside a portfolio that's still deeply profitable.
What I'm watching: whether Jin re-enters a ZEC short at a new level, given his track record of doing exactly that after past losses, or steps back from the position entirely.
$ZEC #BTC Price Analysis# #Macro Insights# #BNBChain#
