Zcash Short Trader Adds $8.4 Million Despite Losses

The largest tracked on-chain Zcash short has added more to its position despite increasing losses. According to onchain data, Garrett Jin, identified as the trader behind the position, has added another 7,000 ZEC worth about $8.4 million to his short. This brings Jin's total short exposure to 39,760 ZEC, with a nominal value of over $47 million.

The move comes after the position accumulated more than $24 million in unrealized losses as the ZEC price surged. The reported liquidation price stands at $2,292, which would mark a 95% increase from its current price of $1,176.

Jin's decision to add to his short position may not be a mistake, given that he is an informed trader who has also opened a Bitcoin long position. If the ZEC price remains below $2,292, Jin's short bet stays unliquidated, although the position is already facing substantial losses.