Zcash Blasts Past $1,400 as BitForex Founder's Massive Ethereum Transfer Sparks Short Position Fears

On February 17th, Zcash (ZEC) broke its price ceiling of $1,400 for the first time in history. According to CoinMarketCap data, it was trading at $1,427.73, representing a 14.62% increase from the previous day. Compared to last week, the price surge is even more pronounced with a 21.28% jump.

The sudden rally drew market attention due to its coincidence with a significant fund movement by Garrett Jin, founder of BitForex. Jin withdrew 35,001 Ethereum (ETH) worth approximately $85 million from Binance and deposited it into the decentralized exchange Hyperliquid (HYPE). Market participants suspect that he may be using this Ethereum to maintain his Zcash short position.

The concern is valid as Zcash's price surge increases liquidation risk for investors with short positions. If Jin has indeed moved funds to secure additional collateral, it could lead to further upward price pressure due to cascading short-position liquidations.