Zcash Surges Past $1,200, Sending Garrett Jin's Short Position Underwater

Zcash has continued its upward trend, reaching $1,200 and sending one of its biggest short positions underwater. Onchain analyst EmberCN tracked a position held by trader Garrett Jin (handle: 'GarrettBullish'), which initially opened in early July with an average entry price of $444.

The position was shorting 32,760 ZEC, resulting in an unrealized loss of $25.7 million. Just three days prior, the same position had a loss of $18.5 million when ZEC first crossed $1,000.

Despite the significant losses, Jin's position remains funded due to other assets that have tripled in value. However, every dollar ZEC gains adds $32,760 to the loss. At $1,300, the shortfall would pass $28 million.

The market has been bullish on Zcash, with open interest hitting a record $2.4 billion in early September and about $38 million of shorts being liquidated as the price crossed $1,000. Notable figures such as Arthur Hayes, Matt Hougan, and Qiao Wang have publicly backed the privacy trade.