Garrett Jin's Billion-Dollar Bet Against Zcash Sends Markets into Tizzy

Garrett Jin, former CEO of BitForex, has made headlines in the crypto market by withdrawing 35,001 ETH from Binance to fuel a $51 million ZEC short position on Hyperliquid. This move is significant due to its scale and timing.

Jin's current ZEC short position sits at around 37,760 ZEC, with an unrealized loss of over $25 million, given the asset's current price of $1,400. His liquidation threshold stands at approximately $2,631, which is roughly an 88% rally from his entry zone.

The on-chain analyst community has been monitoring Jin's wallet movements closely for months, and this latest move is seen as a continuation of his trading strategy. Despite earlier reports of Jin closing a long ETH position with a realized loss of around $250 million in May, he continued to trade aggressively.