$ZEC Epic-level short squeeze! The “giant whale” closes all 38,000 ZEC short positions, with losses exceeding $35 million
The whale Garrett Jin-related addresses closed out all 38,000 ZEC shorts in one go—this move shows an unrealized loss of over $35 million.
The closing process itself pushes the market higher: within 1.5 hours, mass market orders to close lifted ZEC from $1490 to $1530, a 2.7% rise—typical of a short-covering squeeze.
Key details:
This address still holds 202,000 ZEC spot coins. While the shorts were closed, the spot holdings were not sold.
This indicates that when the shorts were originally opened, it was essentially spot hedging—not a pure naked bet on a downside move. The shorts exited, but the whale itself remains a long-term holder of the spot position.
Additional catalysts on the fundamentals:
The ZEC NU7 upgrade is underway.
The testnet goes live on October 6, and the mainnet upgrade is scheduled to take effect on November 5—privacy narratives remain active.
What the market is showing now:
Large short positions have exited, and the high-level order-flow/position structure has been rewritten.
But don’t blindly get bullish: high funding rates plus remaining leveraged positions mean volatility will likely stay extremely wild. The retreat of shorts doesn’t mean a smooth one-way rally—the price can swing violently at any time. $SUI $UNI #以太坊突破2700美元
The whale Garrett Jin-related addresses closed out all 38,000 ZEC shorts in one go—this move shows an unrealized loss of over $35 million.
The closing process itself pushes the market higher: within 1.5 hours, mass market orders to close lifted ZEC from $1490 to $1530, a 2.7% rise—typical of a short-covering squeeze.
Key details:
This address still holds 202,000 ZEC spot coins. While the shorts were closed, the spot holdings were not sold.
This indicates that when the shorts were originally opened, it was essentially spot hedging—not a pure naked bet on a downside move. The shorts exited, but the whale itself remains a long-term holder of the spot position.
Additional catalysts on the fundamentals:
The ZEC NU7 upgrade is underway.
The testnet goes live on October 6, and the mainnet upgrade is scheduled to take effect on November 5—privacy narratives remain active.
What the market is showing now:
Large short positions have exited, and the high-level order-flow/position structure has been rewritten.
But don’t blindly get bullish: high funding rates plus remaining leveraged positions mean volatility will likely stay extremely wild. The retreat of shorts doesn’t mean a smooth one-way rally—the price can swing violently at any time. $SUI $UNI #以太坊突破2700美元
