Chinese Crypto Whale Closes Profitable Position, Adds to Losing Bet

A prominent Chinese crypto investor, identified as Garrett Jin, made significant adjustments to his positions today. The whale closed his entire long position of 1,331 BTC, which he had held for approximately 3.5 months.

The profitable trade earned him a gain of $1.02 million from the initial investment of around $107 million.

However, Garrett Jin's subsequent actions have sparked curiosity as he chose to maintain his losing short position in Zcash (ZEC) despite the asset's price rise during the day.

The investor's current short position in ZEC amounts to approximately $24 million in unrealized losses on 39,760 units of the cryptocurrency, valued at around $47 million.