Crypto Trader Garrett Jin Suffers $24 Million Loss on Zcash Short Position

A large crypto trader has closed out a profitable Bitcoin position worth approximately $107 million, while simultaneously holding onto a short position on Zcash that has swung deeply into the red.

The trader, identified as Garrett Jin through on-chain data, exited a long position of 1,331 BTC that had been open for about three and a half months. The trade netted a profit of $1.02 million, according to data cited by CoinMarketCap.

Jin's short position on ZEC, sized at 39,760 coins worth approximately $47 million, is carrying roughly $24 million in unrealized losses. This highlights the risks facing traders who take concentrated directional bets in a market known for volatility.