Garrett Jin's $55M ZEC Short Closes With $35M Loss

Garrett Jin, a prominent entity in the crypto space, has closed its $55.43 million short position on ZEC (Zcash) after holding it for three months. The trade ended with a significant loss of $35.44 million.

The entity had initially shorted 38,000 ZEC at an average price of $656 and covered the position at $1,459. This move has left Jin's address with a substantial long position in BTC (Bitcoin) worth $109 million, along with an unrealized profit of $4.75 million.

Notably, the same entity had sold 35,000 ETH (Ethereum) three days prior to this development, resulting in a balance sheet that still holds 11,570 BTC ($944 million) and 200,200 ZEC ($309 million), with cost bases of $7,242 and $437 respectively.

The technical analysis on the four-hour chart shows ZEC trading within its Bollinger Bands, with price action pressing against the upper band at $1,574.30. The MACD (Moving Average Convergence Divergence) indicator is printing a death cross, while the 50-EMA (Exponential Moving Average) sits at $1,360.79 as a key support level.