Zcash Trader Adds to Record-Breaking Short Position Despite $24M Losses

A prominent Zcash short trader has added to their position despite accumulating over $24 million in unrealized losses. The largest tracked on-chain ZEC short, identified as Garrett Jin, has added another 7,000 ZEC worth approximately $8.4 million to their short, according to Lookonchain.

This move brings Jin's total short exposure to 39,760 ZEC, with a nominal value of over $47 million. The reported liquidation price stands at $2,292, marking a 95% increase from the current price.

Jin's decision to put his liquidation price at $2,292 may not be a mistake, as he is an informed trader who also opened a Bitcoin long position at $77,089. This suggests that his bets are not limited to Zcash.