Trader Who Lost $35M on Zcash Short Makes $8.38M Profit on BTC Long

A high-profile trader who lost $35 million on a Zcash short has made a significant profit from a Bitcoin long, according to recent data from Lookonchain. The trader, identified as Garrett Jin, closed a 1,333 BTC long position that lasted nearly three days and resulted in a realized profit of $8.38 million.

The Bitcoin trade was worth approximately $113 million and aimed to profit from an increase in the price of Bitcoin. The long position remained open for 72 hours and 56 minutes before being closed.

This is a notable turnaround for Garrett Jin, who suffered a significant loss on a Zcash short just previously. While the profit from the Bitcoin trade does not cover the entire loss, it shows that the trader has managed to recover some of their losses in a relatively short period.