Crypto
Zcash Sours Short Seller Garrett Jin with $25.7 Million Loss
Zcash has broken past $1,200 and its largest short seller on Hyperliquid, Garrett Jin, is in trouble. His $25.7 million paper loss stems from a position he opened at $444 in July.
Jin made nearly $11.24 million by shorting ZEC in June, but now his losses are mounting as the price surges. Every dollar increase adds to his burden, with each $100 higher costing him around $3.3 million in open interest.
The market cap of Zcash is about $20 billion, making it the ninth largest by this metric. The asset has gained 134% in the past 30 days and 2,433% over the past year.