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This is pure crypto chaos. $ZEC
Garrett Jin just did what every leveraged trader swears they’ll never do… and then does anyway.
He’s already down over $24 million on the largest on-chain $ZEC short. Instead of cutting, he added another $8.4 million. The position is now 39,760 ZEC, notional value roughly $47.22 million, with liquidation sitting at $2,292.
Back in June he crushed it. He shorted Zcash hard, caught the Orchard-related dump, and walked away with about $11.24 million in profit. Same guy, same asset, same direction… now the trade is eating him alive.
ZEC has gone absolutely vertical. After trading under $500 for a long stretch, it smashed through $1,000 and has been printing highs in the $1,190–$1,250 zone over the last couple of days. Market cap is sitting around $20 billion. Grayscale’s Zcash ETF (ZCSH) converted and listed, assets already past $460 million, and institutional flows + privacy narrative are doing real work. The coin that used to be a forgotten privacy play is suddenly one of the strongest performers in the market.
Jin’s average entry has been dragged higher with the adds. Earlier tranches were around the mid-$400s. The latest 7,000 ZEC came in near $1,195. That raises the cost basis and makes the unrealized loss even uglier every time price grinds higher. At current levels the paper damage is already past $24M and climbing fast with every leg up.
Liquidation at $2,292 feels distant until it doesn’t. Crypto moves in violent gaps. One strong weekend of momentum, some forced short covering, and that number starts looking a lot closer. He’s betting the top is near. The market is currently disagreeing hard.
This is the classic leveraged short story: early win creates conviction, conviction becomes stubbornness, stubbornness becomes a bigger position at worse prices. We’ve all seen versions of it. Most of us just don’t do it with tens of millions on the line in public on Hyperliquid.
Right now ZEC is still holding strong above $1,150–$1,200 after the latest surge. Volume is elevated. Open interest is high. The ETF is bringing in new buyers who don’t care about on-chain whale drama. Jin is the biggest short on the board and every tick higher is public pain.
Whether this becomes the legendary “he finally got it right and the coin collapsed” story or the “whale got liquidated and the chart printed a massive green candle” story is still open. But the numbers right now are brutal.
$11M winner in June.
$24M+ underwater and adding today.
$47M short with a $2,292 liquidation.
Crypto doesn’t care about your previous P&L. It only cares about the current mark-to-market.
Watch this one closely.
#USIranTradeTankerStrikesEscalate
#ZcashRises45%WeeklyToHighestSince2016
#SideSwapSuspendsLiquidServices

MrRUHUL

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This is pure crypto chaos

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