Zcash Skyrockets Past $1,000, Wiping Out Traders with Massive Short Positions

The cryptocurrency market has seen significant volatility in recent days, and no asset is more emblematic of this trend than Zcash (ZEC). The token reached a new multi-year peak, breaking above $1,000 earlier today.

This surge caught many traders off guard, including Garrett Jin, who had entered a massive short position on ZEC at prices well below the current level. According to data from Lookonchain, Jin initially shorted 32,760 ZEC, which is worth over $33 million at today's price.

However, as ZEC's value skyrocketed, Jin was forced to add to his short position multiple times before ultimately realizing a loss of over $18.5 million. This loss accounts for nearly half of the total value of wrecked ZEC positions, which stands at around $36 million according to CoinGlass.