Garrett Jin Closes $58.5M ZEC Short at Significant Loss

Garrett Jin, an unidentified trader, closed his entire short position in ZEC worth $58.5 million at a significant loss of $35.44 million. The trader had previously held a substantial long position in ZEC spot holdings valued at $309.25 million on-chain for a substantial unrealized profit after withdrawing the coins from Binance nine months ago near $437.

The price action on the 4h chart indicates that ZEC is trading inside the Bollinger Bands, with an upper resistance at $1574.62 and lower support at $1417.15. The EMA50 at $1360.87 and EMA200 at $1034.71 suggest a bullish structure, while the RSI at 64.92 remains neutral.

The MACD has printed a death cross at 46.58, indicating a probable retracement towards the 50-EMA before any continuation higher. This development could be significant for ZEC traders and investors, who are now left to assess the implications of this major short position closure.