Zcash Short Position Leaves Trader with $25.7 Million in Unrealized Losses

A large Zcash (ZEC) short position held by a Hyperliquid trader has resulted in an unrealized loss of approximately $25.7 million.

The trader, identified as part of a 'Garrett Jin whale entity,' opened the short position on July 1 at an average entry price near $444. Zcash subsequently advanced to over $1,200, leaving the trader with a significant loss.

The trader's Bitcoin long position, worth around $107 million, carried an estimated unrealized gain of $4.42 million. However, this gain was not enough to offset the losses from the ZEC short position.