Garrett Jin (often referred to as the “BTC OG insider” proxy) related addresses sold all of the roughly 35,000 ETH (about $87.5 million) he withdrew from Binance last night for about $2,500 in total.
The proceeds were used to top up the margin for his ZEC short position, which was floating at a loss of about $30 million.
Result: the liquidation price of his ZEC short surged from around $2,631 to $4,738.
He is currently the largest ZEC short on Hyperliquid, with a notional value of about $56 million and an entry (opening) average price of about $665.85. At the time, the ZEC price was nearing/touching around $1,500.
At the same time, he has limit orders set to go long about 2,473 BTC at $78,000 using 3x leverage (about $192 million if fully filled).
These are on-chain actions that can be traced publicly, not hearsay rumors
$ZEC
He’s not the kind of short that’s “easy to wipe out.” Instead, he’s the hard bone—hard to kill, costly, and with high risk.
Market makers prefer to target shorts whose liquidation prices are close and whose margin is thin.
But this time, since he has just added a large amount of margin and pushed the liquidation price far away, market makers would actually be more cautious. Of course, anything can happen when the market gets crazy. But given the current distance and capital size, the probability of him being directly chased into liquidation is not high. More likely is continued expansion of the floating loss and a battle of mindsets.
The proceeds were used to top up the margin for his ZEC short position, which was floating at a loss of about $30 million.
Result: the liquidation price of his ZEC short surged from around $2,631 to $4,738.
He is currently the largest ZEC short on Hyperliquid, with a notional value of about $56 million and an entry (opening) average price of about $665.85. At the time, the ZEC price was nearing/touching around $1,500.
At the same time, he has limit orders set to go long about 2,473 BTC at $78,000 using 3x leverage (about $192 million if fully filled).
These are on-chain actions that can be traced publicly, not hearsay rumors
$ZEC
He’s not the kind of short that’s “easy to wipe out.” Instead, he’s the hard bone—hard to kill, costly, and with high risk.
Market makers prefer to target shorts whose liquidation prices are close and whose margin is thin.
But this time, since he has just added a large amount of margin and pushed the liquidation price far away, market makers would actually be more cautious. Of course, anything can happen when the market gets crazy. But given the current distance and capital size, the probability of him being directly chased into liquidation is not high. More likely is continued expansion of the floating loss and a battle of mindsets.
