Zcash Surges Past $1,200, Bearish Trader Faces $47M Loss

Traders are keeping a close eye on Zcash (ZEC) as its price continues to surge, putting significant pressure on bearish bets. One prominent trader, Garrett Jin, has increased his ZEC short position on Hyperliquid to 39,760 ZEC, worth approximately $47.22 million at current prices.

The liquidation price for Jin's short position is set at $2,292, meaning that if ZEC reaches this level, he will face significant unrealized losses. This is a stark contrast to the gains he made from previous ZEC short trades, which totaled over $11 million.

Despite his earlier success in betting against Zcash, Jin's current position has moved deeply underwater as the token rallies. The price of ZEC has surged from levels below $1,000, leaving bearish traders like Jin facing substantial losses.