Crypto
Trader's ZEC Short Suffering $33 Million Loss Amid BTC Long Profit
A trader associated with the name Garrett Jin is facing significant losses on their Zcash short position. According to data from Lookonchain, the account has a leveraged short position of 38,000 ZEC, which was entered at $671.05. However, as the price of ZEC rose to $1,557, the trade's open loss reached $33.66 million.
The liquidation price for this position is $4,792.01, indicating that if the price were to rise further, the account would be forced to close the short position at a significant loss.
Interestingly, despite this massive loss on ZEC, the same account has a long position in Bitcoin that is currently in profit. With 1,333 BTC valued at approximately $108.57 million, the profit on this trade stands at $4.52 million.