Held 300 million ZEC, yet was forced to sell ETH by long shorts—why did he only claim he was hedging at 1500?
On September 19, Garrett Jin posted 202,100 ZEC spot holdings, with an unrealized profit of 228 million; he also held 38,000 ZEC short positions, with an unrealized loss of 33.83 million, and a liquidation price at 4790.
He said this was hedging.
But why did he wait until ZEC rose to 1500 to post it? Because if he didn’t, the short positions would be forced to death.
He opened the short at $444 in July. The unrealized loss kept growing. He sold $87.5 million worth of ETH to add collateral, pushing the liquidation price from 2631 to 4738. Around 1500 is the most concentrated liquidation wall for ZEC—once it breaks, a short consensus forms, and he becomes the target.
Posting was meant to change the narrative: from an unhedged short to a big-time hedger, so the market would move the gun barrel away.
But a real hedger wouldn’t sell ETH to add collateral. The spot profit alone is enough to cover the loss on the short positions—he could simply let the shorts liquidate. He chose to hold on because as long as the shorts are alive, a short squeeze can continue, and the spot profits can keep expanding. $ZEC
On September 19, Garrett Jin posted 202,100 ZEC spot holdings, with an unrealized profit of 228 million; he also held 38,000 ZEC short positions, with an unrealized loss of 33.83 million, and a liquidation price at 4790.
He said this was hedging.
But why did he wait until ZEC rose to 1500 to post it? Because if he didn’t, the short positions would be forced to death.
He opened the short at $444 in July. The unrealized loss kept growing. He sold $87.5 million worth of ETH to add collateral, pushing the liquidation price from 2631 to 4738. Around 1500 is the most concentrated liquidation wall for ZEC—once it breaks, a short consensus forms, and he becomes the target.
Posting was meant to change the narrative: from an unhedged short to a big-time hedger, so the market would move the gun barrel away.
But a real hedger wouldn’t sell ETH to add collateral. The spot profit alone is enough to cover the loss on the short positions—he could simply let the shorts liquidate. He chose to hold on because as long as the shorts are alive, a short squeeze can continue, and the spot profits can keep expanding. $ZEC
