Garrett Jin, a trader known for a large short position on Zcash (ZEC), added 7,000 ZEC to his existing short worth $8.4 million. This came after his position accumulated more than $24 million in unrealized losses amid rising ZEC prices, which currently stand at $1,176. As a result, the total size of his short position grew to 39,760 ZEC with a notional value of over $47 million. Given Zcash's current price movement, Jin's liquidation level is set at $2,292, indicating significant risks for his position.
Zcash price has experienced impressive growth — rising 44.1% in just the past week and reaching a high of $1,254. This surge came after ZEC broke above the $1,000 level for the first time since 2016. As a result of this spike, a significant number of traders holding short positions faced the threat of forced liquidation, increasing pressure on short sellers like Jin. According to analytics platform Lookonchain, Jin also opened a long position on Bitcoin at $77,089, indicating his active trading strategies across multiple fronts.
The situation with short positions on Zcash has attracted the attention of many market participants. For example, another trader known as 0x362a opened a short position on 15,785 ZEC worth $18.95 million three days ago and is currently sitting on a loss of $5.27 million. Given that this trader previously had 26 consecutive wins, this underscores the instability of the current Zcash market and the need for more careful position monitoring. Considering the current state of affairs, the question of whether traders like Jin will be able to hold their short positions without forced liquidation remains open.
***
This material is prepared for informational purposes only and does not constitute financial advice or a recommendation.