$ZEC From $1,000 to $1,600 all the way—baiting shorts, blasting upward, and pushing the price
With this ZEC move, I’m increasingly skeptical that the “selling short at the high end” the market is seeing is actually part of the act.
Starting around $1,000, ZEC keeps rising, yet it repeatedly creates the illusion that it can’t go any higher—making more and more people believe a top should be in around $1,600. Then the more shorts pile in, the more the price is pushed up, directly turning those short positions into fuel for the rally.
Garrett Jin’s related addresses are a good example: his 38,000 ZEC short positions are currently floating at a loss of over $33 million, but at the same time he holds about 202,000 ZEC in spot. This portfolio structure is hard to simply interpret as “bearish”; it looks more like spot plus derivatives hedging. Add to that the fact that a whale has already exited at a loss of over $10 million—shorts are being continuously cleaned out.
So the real “drama” in this ZEC move may not be a straightforward “bull vs bear battle.” It might be: first make you believe the price can’t keep climbing, then let you feel comfortable shorting, and finally use the shorts’ money to keep lifting the cart.
If spot continues to flow in and short positions continue to build, then $1,600 might not be the endpoint after all. What you really need to watch is whether shorts start to noticeably decrease and whether spot capital weakens—that would suggest this “short-squeeze machine” may not be working as well anymore.
With this ZEC move, I’m increasingly skeptical that the “selling short at the high end” the market is seeing is actually part of the act.
Starting around $1,000, ZEC keeps rising, yet it repeatedly creates the illusion that it can’t go any higher—making more and more people believe a top should be in around $1,600. Then the more shorts pile in, the more the price is pushed up, directly turning those short positions into fuel for the rally.
Garrett Jin’s related addresses are a good example: his 38,000 ZEC short positions are currently floating at a loss of over $33 million, but at the same time he holds about 202,000 ZEC in spot. This portfolio structure is hard to simply interpret as “bearish”; it looks more like spot plus derivatives hedging. Add to that the fact that a whale has already exited at a loss of over $10 million—shorts are being continuously cleaned out.
So the real “drama” in this ZEC move may not be a straightforward “bull vs bear battle.” It might be: first make you believe the price can’t keep climbing, then let you feel comfortable shorting, and finally use the shorts’ money to keep lifting the cart.
If spot continues to flow in and short positions continue to build, then $1,600 might not be the endpoint after all. What you really need to watch is whether shorts start to noticeably decrease and whether spot capital weakens—that would suggest this “short-squeeze machine” may not be working as well anymore.