$58.5M Zcash Short Bites Trader Garrett Jin

Traders are abuzz after Garrett Jin closed his $58.5 million Zcash short on Hyperliquid, resulting in an estimated $35.44 million realized loss. The position had grown from an initial 11,780 ZEC worth $4.92 million in June to roughly 38,000 ZEC when it was closed.

Jin added exposure to the short as Zcash climbed from below $500 to over $1,500 this month, leaving the trade with increasingly large unrealized losses before its closure. He covered the short through market orders over approximately 90 minutes, briefly lifting ZEC about 2.7% from $1,490 to $1,530 during the execution window.

Interestingly, Jin still holds a profitable spot position in Zcash, valued at approximately $309 million when Lookonchain checked the position. This spot exposure was withdrawn from Binance about nine months ago when ZEC traded near $437, and now carries an unrealized profit of around $221 million.