A giant whale shorted $ZEC , losing $35 million after three months!
A few days ago, $ZEC hit a high of $1,595. Now, we’re seeing another transaction worth paying attention to.
According to on-chain transaction tracking reports, trader Garrett Jin closed out 38,000 ZEC short positions within about an hour and a half. The report estimates that this trade lost about $35 million.
During the closing, ZEC rose from around $1,490 to $1,530, an increase of about 2.7%.
This short position was reported to have been held for nearly three months. ZEC climbed from a few hundred dollars to above $1,500, but the shorts ultimately still chose to exit.
However, it’s important to make the distinction here: when shorts buy back ZEC to close, they can push the price up in a short time, but that doesn’t mean there is an equivalent scale of new growth-period buying demand.
In addition, the outstanding ZEC derivatives open interest remains very high. When leveraged positions are concentrated, rapid price swings upward or downward can occur.
As for the ZEC I positioned around $1,130–$1,150, I’m still holding my spot position. For the short term, I’ll first see whether it can hold above $1,600—there’s no need to chase or repeatedly buy and sell after following highly leveraged positions.
A few days ago, $ZEC hit a high of $1,595. Now, we’re seeing another transaction worth paying attention to.
According to on-chain transaction tracking reports, trader Garrett Jin closed out 38,000 ZEC short positions within about an hour and a half. The report estimates that this trade lost about $35 million.
During the closing, ZEC rose from around $1,490 to $1,530, an increase of about 2.7%.
This short position was reported to have been held for nearly three months. ZEC climbed from a few hundred dollars to above $1,500, but the shorts ultimately still chose to exit.
However, it’s important to make the distinction here: when shorts buy back ZEC to close, they can push the price up in a short time, but that doesn’t mean there is an equivalent scale of new growth-period buying demand.
In addition, the outstanding ZEC derivatives open interest remains very high. When leveraged positions are concentrated, rapid price swings upward or downward can occur.
As for the ZEC I positioned around $1,130–$1,150, I’m still holding my spot position. For the short term, I’ll first see whether it can hold above $1,600—there’s no need to chase or repeatedly buy and sell after following highly leveraged positions.